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Question By
IBTRYIN

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0 People Helped
divorced-ex 1st on mortgage- I live in home and paid loan for 3+yrs. how to refi w/580 credit

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Are the payments showing on your credit report and under your social security number?  Have you spoken with the current lender on the loan?  580 is a bad score. Lenders will be looking at that, your debt to income ratio, and if you made your payments on time. 

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Reply by
nandog

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580 is the minimum score for a FHA loan but the PMI is rough to deal with and may not help you. 620 is the lowest score acceptable for a conventional loan but your rate will be on the high side. It all depends on what your current interest rate is. I suggest if you have high credit card debt that you pay down your cards so your utilization drops. This is about 30% of your score and is the fastest way to increase your credit score. Good Luck!!!!!!!!!!!!!!!!!!!!

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