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Nations Lending has mortgage options for individuals with credit scores as low as 580. If you're not sure if your credit is mortgage ready, call one of our Personal Mortgage Advisors for a free mortgage consultation and we'll take a look at it and let you know where you stand.
As long as your new loan-to-value ratio is 90% or lower, you'll only need a 500 credit score to qualify for an FHA refinance. If it's higher than this, a 580 score is required. Keep in mind these are just the minimums set out by the Department of Housing and Urban Development.
Yes, you can remortgage even if one of you on the joint application has adverse credit. Most lenders will add your credit scores together, and you'll need to meet their minimum score to be considered. Some mortgage companies prefer to look at your scores individually.
3 Things Never to Say to Your Mortgage Lender You don't want to tell the mortgage lender that the house is in disrepair. You also don't want to suggest you don't know where your down payment money is coming from. Finally, don't give your lender reason to worry if your income will stay stable.
It is certainly possible to remortgage with poor credit. Different bad credit situations will require different mortgage solutions. Don't worry if you have a bad credit score, it doesn't always mean you can't remortgage your property. There are likely to be options available to you.