FHA Allows Refinancing with Bad Credit for Cash Back or Lower rates. bad credit refinancing is not always an easy process with traditional lenders, but the FHAHLR Company has been assisting consumers with less than perfect credit for almost a decade.
FHA provides affordable bad credit refinancing with competitive interest rates that are typically much lower than the pricing offered from subprime lenders. If you have low fico scores, it certainly makes sense to consider FHA before committing to a subprime loan with a higher rate.
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A bad credit score generally falls below 630. The credit score needed for a mortgage depends on the type of loan. Government-backed loan programs – FHA, VA and USDA – generally have lower.
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In order to qualify for a refinance with bad credit, you may need to highlight any qualities that prove you’re responsible. For example, if you’ve kept the same job for six years, that’s something you may want to emphasize.
FHA does not have a minimum credit score required for a streamline refinance, but individual lenders might, so be sure to shop around for a lender. What Are Some Alternatives to Traditional Refinancing?
"Except for credit qualifying streamline refinances, FHA does not require a credit report. The lender, however, may require this as part of its credit policy. If a credit score is available, the lender must enter it into FHA Connection (FHAC). If more than one credit score is available, the lender must enter all available credit scores into FHAC."
FHA refinance loans, like any other line of credit, require a credit check before FHA refinancing is approved. However, don’t be discouraged if you have bad credit because of recent hard times. The FHA credit check compares your overall credit activity to any negative information in your credit report.
The Federal Housing Administration (FHA) offers two refinancing programs, and there are other government programs that may help as well. FHA Rate and Term. One type of FHA refinance, in which the mortgage loan is insured by the FHA, allows homeowners with bad credit to refinance into mortgages with lower interest rates or different terms.