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h87410 · Joined: 08 Feb 2008 Posts: 2 1.73 Dollars($)

tell me can a person who has a low credit refinance a home person if there credit is poor that is on a fixed incine can you find tell me how to find a loa,

adonis · Posted: Fri Feb 08, 2008 1:56 am Post subject:

Welcome Guest,

How bad is your credit? would like to know to give you a concrete answer.

The community has had earlier discussion on poor credit refinance at:
http://www.mortgagefit.com/refinance/lowcredit.html
http://www.mortgagefit.com/discuss/creditscore-refinance.html

brad · Posted: Fri Feb 08, 2008 4:59 am Post subject:

It really depends on what has caused your credit to become "bad". If it is something old or there are very good explanations then you would be a great candidate for a FHA mortgage!

FHA has great low rates for people regardless of there scores as long as there is a good explanation.

jeffselan · Posted: Fri Feb 08, 2008 5:05 am Post subject:

Brad is right on. FHA is a non score driven loan product that normally requires a satisfactory pay history in the last 12 months.

brad · Posted: Fri Feb 08, 2008 5:13 am Post subject:

AS long has he can explain the reasons his credit has gone"bad" he should be ok. Also some lenders may require collections to be paid off but FHA does not require such. So there are lenders out there that don't require it.

Jeff does Wells Fargo require it?

jeffselan · Posted: Fri Feb 08, 2008 8:28 am Post subject: Brad

It depends but likely not.

gmakerley · Posted: Fri Feb 08, 2008 8:50 am Post subject:

"bad" credit is relative, of course. although we know that fha loans are not purely score-driven, there are limits nevertheless. i truly don't believe that a score below, say 550, would generate an approval, unless there are redeeming factors at play. in this case, the borrower's being on a fixed income is likely to be a drawback.

Jessica

I agree with you George, there are other factors to look at apart from the score. But I think the poster can utilize an alternative credit score such as the PRBC or FICO Expansion Score. Such scores would consider the utility bills, payday loan payments and other factors such as statements of bank accounts.

Some alternative scores also consider the insurance and child care payments. So, what the poster needs to do is, look for lenders who can evaluate his creditworthiness on the basis of such scores.

Regards,

Jessica.

charlesarmbruster · Posted: Thu Feb 28, 2008 10:37 am Post subject:

Jessica's post from 2006 is worth reviewing --ALTERNATIVE SCORES. While I am unaware of various lenders' underwriting positions on these alternative scores, they would certainly provide more 'meat to chew on' when weighing risk. I would think that FHA products might be easier to present to underwriters with these available alternatives.

Thank you, Jessica!

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