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stonesiferspecialties · Joined: 09 Jan 2010 Posts: 5 2.41 Dollars($)

I purchased my home from a private lender. The home is titled in my name with the lender as lein holder my loan term is up and I need to refinance asap. The problem I am running into is the home is only worth $40,800 and I need to refinance it for $34,000 to keep my house but nobody wants to lend less then $50,000 plus I have stayed out of debt but that doesn't seem to be helping anything since your credit score doesn't improve unless one is loose with their money and likes to pay interest on their own money. I will likely need a co-signer, that is not an issue, finding a loan for $34000 is my biggest problem. You have any ideas or leads.

raymond · Posted: Sat Jan 09, 2010 7:36 pm Post subject:

>>plus I have stayed out of debt but that doesn't seem to be helping anything since your credit score doesn't improve unless one is loose with their money and likes to pay interest on their own money.

It's really tough now-a-days to get a mortgage without a high FICO score. You're going to have to create some debt, and pay it off as agreed, to increase your score. That'll enable you to obtain the best interest rates and lowest loan fees.

stonesiferspecialties · Joined: 09 Jan 2010 Posts: 5 2.41 Dollars($)

The issue I have, is the home needs to be refinance now or I face foreclosure, because the term of the agreed loan is up. I don't have time to play games with credit card companies that want to charge me interest on a secured deposit "charge interest on my own money" That is stupid and anybody with any common sense should recognize the sheer stupidity of the FICO system and unmoral practice of forcing people into debt to increase a FICO score. Logically, how is putting myself in debt going to help me pay for my home? And of all the things a person is going to make sure they pay for, their home would be number 1. An insured home is flat out the most stable investment for any lender. So why is it so difficult to get lending?

Niicss · Posted: Mon Jan 11, 2010 3:33 am Post subject:

Many a times lenders are not ready to lend you a low amount like $34000. I would suggest you to speak to your present lender and check out if he can help you in this regard. You might even seek a no obligation free mortgage consultation from the lenders of this community and check out whether or not you may qualify for a loan.

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How can I refinance under $50k with a co-signer