Nationwide Mortgage understands the growing demands of American consumers so we are always adding home loan programs so borrowers can be sure they are getting the best mortgage refinance and purchase programs.
The last ten years has seen a wide range of mortgage products for home refinancing with bad credit. A few years ago borrowers could qualify for a bad credit refinance with little or no equity. In most cases, today borrowers need a lot more equity and higher credit scores if they want to refinance their home loan. When the subprime mortgage market crashed a few years ago, most bad credit mortgage programs vanished in thin air.
Refinance Your Home Even If Your Credit Is Bad!
VA and FHA mortgage programs continue to offer home refinance opportunities to borrowers with less than perfect credit. However, if you want a home refinance with bad credit you will need to be able to document compensating factors to the underwriter. According to HUD guidelines for home refinancing, borrowers seeking a FHA loan will need more than 3.5% equity in their home if their credit scores are low. Most FHA approved lenders are requesting 10 to 15% equity for borrowers with credit scores below 600. VA lenders tend to be more forgiving to veteran borrowers seeking a home refinance with bad credit.
Recommended Nationwide Articles to Help Homeowners with Refinancing
FHA Mortgage Loans for Low Rate Refinancing & Purchase
Take advantage of low FHA rates available for mortgage refinancing and homebuying opportunities. Affordable FHA mortgages are available to borrowers who meet the FHA loan requirements.
