By Admin on May 23, 2009 in Credit
Donte’ asked:
I have heard conflicting reports on this.
I have heard conflicting reports on this.
Now paying rate: 6.25%
Mortgage Rates today: 4.5%
Can I get the lower rate with bad credit?
So I guess the gentleman on Good Morning America does not have his facts straight. He said even with bad credit your mortgage company will refinance because the lower rate will help you stay current on your house note.
Short and not so sweet, no you cant.
My Wife and I just recently refinanced our home and the lender told us they would not hav even considered it if out scores had not all been over 750.
SPIFIMAN1 | May 23, 2009 | Reply
Actually it might be possible under the new “Home Affordable Refinance Program”, this requires most Fannie Mae and Freddie Mac lenders to work with you, if you have certain circumstances. Here is a website to check it out:
GOOD LUCK!
Dixie Darlin' | May 25, 2009 | Reply
You should contact the “loss mitigation” area of your Bank. Many branch offices are not even aware of the current solutions banks are setting-up to work with their customers. They might have a program that can assist you with a refinance, lower closing costs than on a typical refinance, and help rebuild your credit.
WI Resident | May 29, 2009 | Reply
Yes you can, go to the website Dixie Darli’ gave you, they have an eligibility questionare, then contact your lender. They DO want to keep people in their homes, regardless of your credit, this is a new legislation from the current administration
Outlaw Woman | Jun 1, 2009 | Reply
Yes you can as was indicated earlier. Go to the website DD gave you
Paula | Jun 2, 2009 | Reply