Is there a mortgage company that will refinance……?

Is there a mortgage company that will refinance at 100% LTV with a low credit score? The mortgage history only shows (1) 30 day late in the life of the mortgage (just over 2 years)…..also, I am trying to do a cash out option to consolidate a few other bills and do some home renovations. This still would not make the total loan exceed the value of the property…but with this cost and closing costs…we’d be real close to what we anticipate the appraisal to be. Therefore, we need 100% re-financing. I would really appreciate serious answers…We got stuck with a house that we had sold on land contract with a 5 year balloon,…..we were 3 years into the contract and they abandon the house leaving us with a REAL mess and property taxes unpaid……we don’t have the immediate resources to fix it up…but have no choice but to move back into it to keep it from going into foreclosure…Thanks for all your help!!!

Refi rental property with low credit score?

I have a rental property that I owe approx 67k. Houses in my area have been appraised at around 150k (same floor plan). I want to refi and get as much equity as I can out of it. I have a tenant that has been in the house for over 3 years and rent is never late. However my credit score is low due to a Chapter 13 filing 4 years ago. I would like to refi and buy myself out of the BK which would be about 4k and go to a 15 year mortgage. For the record I have learned from my BK which is why I went Chapter 13 instead of 7. My income has tripled since filing and my tenant is paying double what the mortgage is right now. What are my chances? Any lenders specialize in this?
It is an FHA loan.

Is it better off to pay cash for a house being self employed with a low 600 credit score?

on December 21st, 2010
Posted in: Low Credit Score Mortgage     Tags: , , , ,

My internet biz has took off and making 250k this year, but i hear that to qualify for a mortgage is increasing difficult, especially for self-employed that’s always been more difficult, with my low credit rating, am i better off just save 2-3 years of money and buy the house with cash then to find a lender today?

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