Question by derobie: how do u refiance a mortgage with a high interest rate with bad credit?
I have a mortgage at 9.75, house value is 244,000. loan amount is 183,000. i need to refinance but my credit score is 454. i can not find a lender to take me. do u know any lender who can help.
Best answer:
Answer by Clean K
More than likely you are not going to get another loan unless you can convince the company you have your loan with now to refi you, no new company is going to take that risk and your ownly hope is to convince your loan company that you cant afford the payments and they need to refi you or you are going to foreclose which they don’t want because it cost them lots of money, your next step is to sell it and rent unless you can afford the payment then stay
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Your LTV is at 75% which is good. You can have my friend take a look at your credit and see if he can qualify you with an FHA loan. Shoot him an email and he wil get back to you. mike@afbankloans. com.
Good Luck!!
FHA loan. The FHA loan are not supposed to be based on credit. If you have a lot of current lates it will be a problem unless you a have agreat reason why. If for instannce your credit is damaged because you had medical bills and no insurance and you tried your best to pay etc….. You need a reason for why your credit is so bad but give FHA a try. 9% interest is insane. All the big banks offer FHA loans