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I can't find a lender to refinance a conventionl 5-yr ARM with FICO in mid-600's, on-time payments, excellent income, but LTV is right around 105%. The only programs I find are either with FHA, FannieMae, and FreddieMac.

jameshogg · Posted: Thu Jul 02, 2009 8:14 pm Post subject:

Hi Guest,

Though you're paying your mortgage dues on time or you've an excellent income, lenders will not give you a loan because of your credit score. With a credit score of mid-600, it would not be possible for you to get a conventional loan. In order to get a conventional loan, you should have a credit score of 700-720. With a credit score of mid-600, you would only get FHA loans.

Thanks

jasmineh · Posted: Tue Jul 07, 2009 10:11 am Post subject: Guest

Your credit scores are not in the top tiers as you know, however we are able to do loans down to a 585 credit score if your income and mortgage payment history is strong!

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Trying to refinance a conventional loan with approx. 105% LTV.