Can I Refinance With A 633 Credit Score

Can I Refinance With A 633 Credit Score

Fannie Mae requires a minimum credit score of 620 to buy a home or refinance. Their mission is to help ensure that home buyers and home owners have access to mortgages. Offering programs such as HARP, HomePath, Conforming and Conforming High Balance.

Freddie Mac requires a minimum credit score of 620 to buy a home or refinance. Their mission is to help ensure that home buyers and home owners have access to mortgages. Offering programs such as HARP, HomeSteps, Conforming and Conforming High Balance.

FHA requires a minimum credit score of 500. There are no income limits like you may find with first time home buyer programs. However, there are limits on how much you can borrow. FHA requires a minimum down payment of 3.5% of the purchase price. Offering programs to buy a home or refinance such as rate & term, cash-out and streamline refinance.

VA requires a minimum credit score 500. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment.

USDA requires a minimum credit score 640. The Office of Rural Development (RD) is an agency with the United States Department of Agriculture which runs programs intended to improve the economy and quality of life in rural America by offering 100% financing.

Portfolio loans require a minimum credit score 640. A portfolio loan is a loan that is made by a lender that does NOT sell the loan to the Fannie Mae and Freddie Mac. Because they don’t sell the loan off to Freddie or Fannie, they don’t have to follow any of the requirements that Fannie and Freddie have. Examples of portfolio loans are jumbo loans, stated income loans, loans for foreign nationals and loans for investment properties.

The most popular type of mortgage is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

Today’s historically low interest rates make now the perfect time to purchase a new home.

Getting an FHA loan has never been easier:

• FHA loans offer simple credit qualifying
• Simple processing
• Simple terms
• Low interest rates
• Low down payment (3.50%)

First, you need to get pre-approved. This is an easy step and does not cost you anything. Also, this step is very important -- as many people search out homes on their own just to find out that the house they found is not in the price range that they qualify for. This approach turns into disappointment and lost time. Most Realtor will only work with people who have been pre-approved.

FHA Refinance Mortgage

The FHA refinance loan program allows for a home owner to lower his mortgage payments. For home owners that need cash the maximum cash out refinance loan cannot exceed 85% of the appraised value of the home, which is 5% more than on a conventional loan.

As cash out refinance mortgage is defined as follows: A mortgage refinance where borrower gets more than $2,000 back after close of transaction, and / or, any refinance that involves consolidating a second mortgage or equity line that is less than 1 year old.

The cash out from your refinance mortgage can be used for any of the following:

• Home Improvements
• Bill Consolidation (and mortgage if second is less than 1 year old)
• Large Purchases
• Schooling
• Vacation
• Investment(s)
• Cash

You do not have to have an existing FHA loan in order to do a cash-out refinance. You may use the cash out refinance for 1-4 unit properties.

A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 580 are accepted if there are compensating factors that offset the credit risk.

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We look forward to working with you.