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CAN I GET APPROVED FOR REFINANCE WITH HIGH 500 CREDIT SCORES
Can someone will a credit score in the mid to high 500s with steady income be approved for a refinance?
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1 Reply
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Yeah, it is possible for a person with a credit rating between five hundred and six hundred points and receiving regular payments to get their refinancing approved. It can be not easy, though. Nevertheless, whether the loan type, loan-to-value ratio, or debt-to-income ratio will allow approval for refinancing depends on other factors. There are several loans for people with low credit scores. Non-Qualified mortgage (non-QM) loans, Federal Housing Administration (FHA) loans, or specific types of refinance programs may work in this case. These loans usually have higher interest rates and stricter requirements than others. You should find a lender specializing in giving out loans to people with low credit ratings if you want better chances of getting approved. Mortgage rates are mainly based on the borrower’s credit scores. 500 to 600 credit score borrowers can get approved for a refinance or cash-out refinance, but the probability of paying points and getting a higher rate is likely. I suggest homeowners who plan on refinancing to maximize their credit scores. You can contact us if you need a few pointers on how to boost your credit scores fast at Gustan Cho Associates.