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I have been in the process of rebuiding my credit, slow process and although I have had alot of items deleted, my score hasn't changed. I want to refinance my home mortgage, but have been told the minimum score required is 660. Is there any where to refi with a lower score? I have plenty of equity in my home and live in the los angeles area.

Message 1 of 5
Moderator Emeritus

Re: Refinance

It goes by the lender.  Some may require lower scores, some may even be higher.  If you belong to a local CU, you might ask them what their qualifcations are.


Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Message 2 of 5
Valued Contributor

Re: Refinance

I think you can go conventional with a 620 if you have 20 percent equity.

Message 3 of 5
New Member

Re: Refinance

Hi Rubyk,


As far as credit scores alone, you can find quite a few lenders out there that can lend to scores less than 660.  Generally more options are available once you're above 620.  Contact some lenders in your area and see what their basic criteria are for different programs that are available.  To be of good service to you, talk to them about your situation and your goals so you can accomplish what you're looking to do

Message 4 of 5
Moderator Emeritus

Re: Refinance

Hi RubyK!  Welcome to the MyFico Forum!


If your mortgage is backed by fannie mae or freddie mac, or is an FHA or VA loan, then you may be able to do a streamlined refinance.  If not, talk to your current lender about what options are available to you. It would be a good idea to shop options from several lenders before settling on one. Some lenders like to load you up with fees.  To compare fees, you need to compare the Good Faith Estimates from several lenders.

Below is a link that may help you understand the Good Faith Estimates:

Good Faith Estimates Explained - ShanetheMortgageMan


Definately feel free to post any questions you have about the process on here. Best of Luck to you!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Message 5 of 5