Question
What credit score is needed to refinance?
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11th Nov 2009 by Burt Carlson
Recently Fannie Mae changed the minimum score requirement for purchases and refinancing to 620 from 580 this would be for conventional loans. FHA loans usually require a 620 score but in the last few weeks a number of lenders have raised the minimum to 640 or higher. As always best thing to do is ask a mortgage professional. Note that on both conventional and FHA loans there amy be some risk adjustments to the interest rate based on score and Loan to Value (LTV).
Recently Fannie Mae changed the minimum score requirement for purchases and refinancing to 620 from 580 this would be for conventional loans. FHA loans usually require a 620 score but in the last few weeks a number of lenders have raised the minimum to 640 or higher. As always best thing to do is ask a mortgage professional. Note that on both conventional and FHA loans there amy be some risk adjustments to the interest rate based on score and Loan to Value (LTV).
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28th Oct 2009 by Gary
For refinancing a home, the credit score isn't as important as the collateral availble to protect the loan. While it's possible during tight credit times like we're now living in for credit score requirements to be raised, normally an average credit score, say of 650, will usually be enough, assuming the quality of the collateral of the home you're trying to buy. Again, that may be much higher in tough economic times like exist at this time.
For refinancing a home, the credit score isn't as important as the collateral availble to protect the loan. While it's possible during tight credit times like we're now living in for credit score requirements to be raised, normally an average credit score, say of 650, will usually be enough, assuming the quality of the collateral of the home you're trying to buy. Again, that may be much higher in tough economic times like exist at this time.
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27th Oct 2009 In Finance
2 Answers | 614 Views
Subjects: credit score,
refinance,