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7 home refinance options for people with bad credit

Bankrate Logo By Dana Dratch of Bankrate | Slide 1 of 8: Refi options if you have bad credit<p>Can you refinance your mortgage with bad credit?</p><p>Short answer: Yes.</p><p>Several legitimate refinancing options, including programs like the Home Affordable Refinance Program and the Federal Housing Authority’s streamlined refi, don’t require credit checks or credit scores.</p><p>In addition, others types of <a href="http://www.bankrate.com/refinance.aspx?ic_id=Content_CTA1">refinancing</a> loans (like Veterans Affairs refinancing or a second FHA offering), give lenders wide latitude to work with homeowners who have damaged credit, though the exact requirements will vary by lender.</p><p>Almost 14 percent of homeowners who refinanced in April 2017 had FICO scores below 650, according to mortgage software company Ellie Mae. And nearly 5 percent had credit scores below 600. So while refinancing with bad credit isn’t the norm, it is possible.</p><p>If you have blemished credit and want to refinance your mortgage, here are seven options to investigate.</p>

Refi options if you have bad credit

Can you refinance your mortgage with bad credit?

Short answer: Yes.

Several legitimate refinancing options, including programs like the Home Affordable Refinance Program and the Federal Housing Authority’s streamlined refi, don’t require credit checks or credit scores.

In addition, others types of refinancing loans (like Veterans Affairs refinancing or a second FHA offering), give lenders wide latitude to work with homeowners who have damaged credit, though the exact requirements will vary by lender.

Almost 14 percent of homeowners who refinanced in April 2017 had FICO scores below 650, according to mortgage software company Ellie Mae. And nearly 5 percent had credit scores below 600. So while refinancing with bad credit isn’t the norm, it is possible.

If you have blemished credit and want to refinance your mortgage, here are seven options to investigate.

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