Refinance With Bad Credit

Question: Refinance with bad credit?

(Posted by: Terissa M on 2008-12-06 20:57:43)

My husband has poor credit and is stuck in an ARM loan on his house, which he has NEVER missed a payment to. He is currently with Wells Fargo and they are requiring 2 tax years at the same job before they will refinance us. Does anyone know a company that is reputable in working with people with low credit and can refinance us into a FIXED rate? the house loan in 74, 000 the tax appraisal (this is the lowest appraisal) is for 89, 000 most likely can be appraised for over 100, 000 his interest rate is 9.95 =( I do not know where the original loan papers are think his X has them so i do not know why it remains so high

Posted by: chatsplas on 2008-12-06, 21:03:07

HUD for HOMES, FHA Depends on how bad your credit it. Great that haven't missed any payments, that helps. Plans to make some really low interest loans available, but unlike when you bought, won't give them to those with Lousy credit. Lenders see poor credit as a history of making poor financial decisions, making you a poor risk. TRY talking to lender to see if you can get Loan Modification. It's not a refi, but a change in interest rate. HUD helps, or credit counseling (HUD certified) agencies if you can't get lender to do it. Doesn't change the amount you owe them, just the interest rate on it. Most ARMS are at pretty low rates right now.

Posted by: Sharon T on 2008-12-06, 21:01:44

You don't say how much equity you have in the house. Unless it is 20% you are probably going to find it tough sledding but don't give up. Congress may come out with something that will help. In the meantime, talk to several bankers about this.

Posted by: lee h on 2008-12-06, 21:53:14

I like wachovia just did two loans with the greg farmer was my loan officer ask him if he remembers lee

Posted by: Jay S on 2008-12-07, 06:34:11

If your husband is self employed, every lender on the planet is going to require 2 years tax returns. Don't listen to these people saying you need 20% equity to refinance. FHA with allow you to as high as 97% loan to value. You should contact me. Let me know if you need more inf or help.