Is there a mortgage company that will refinance......?

Question

Is there a mortgage company that will refinance at 100% LTV with a low credit score? The mortgage history only shows (1) 30 day late in the life of the mortgage (just over 2 years).....also, I am trying to do a cash out option to consolidate a few other bills and do some home renovations. This still would not make the total loan exceed the value of the property...but with this cost and closing costs...we'd be real close to what we anticipate the appraisal to be. Therefore, we need 100% re-financing. I would really appreciate serious answers...We got stuck with a house that we had sold on land contract with a 5 year balloon,.....we were 3 years into the contract and they abandon the house leaving us with a REAL mess and property taxes unpaid......we don't have the immediate resources to fix it up...but have no choice but to move back into it to keep it from going into foreclosure...Thanks for all your help!!!

Answer 1

Without knowing your actual score, hard to say. Usually you need a 580 score to get 100% financing.

All I can suggest is to call some brokers, and ask them right away if they can do credit score modelling. If they can, see if they'll run you through it and find out what might be able to be done to get you higher. Doing a "rapid rescore" takes a week or two, costs about $100 per tradeline that is updated, but sometimes, something as simple as paying a credit card with a $300 limit and $300 balance down to $100 or paying it off entirely can get you 40 points overnight.

Worst case, is there anyone in your family you could sell the home to, and let them finance it? And put you on a CD like you had it with your old buyers?

Answer 2

I think someone in our network can do 100% financing at a 560 credit score. Fill out the free evaluation form at:

www.totaldebtsolutionsllc.com