Asked by Tracy  |  Submitted January 20, 2015

Would like to refinance primary residence to get loan out of ex spouses name. Credit rating is 560, are there lenders willing to work with me?

Loan is a 30 year 5% VA loan that is assumable . Ex was only person on the loan and house was deeded to me in divorce.

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  Answers  |  2

January 20, 2015

Tracy - thanks for the post and question ...you should contact the present lender/ servicer to inquire about options

There is a possibility that lenders will need to classify this transaction as a sale ( versus a refinance ) as it sounds like you have never been in title to the home

I would also encourge you to seek some advice from an attorney familiar with real estate law in your state


Most lenders will require credit scores above 640....soem lenders ./ programs use 580 as min score and there are even some programs that might be OK with a 560 score ...

IF you are aware of what is making the score low ...begin to try to remedy these issues ( paying off account balances/ collections ....checking validity of any derogatory marks on credit report etc....


I hope this helps and all the best

$commenter.renderDisplayableName() | 01.24.17 @ 09:28

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March 27, 2015

Hi Tracy!

I do have options down to 580 fico score, there are some other restrictions that come into play when we go below 600. Have you had a mortgage professional review your report and tell you if there are any simple steps you may take to gain the points you would need to qualify? Often times there is a very simple fix that can signficantly increase your score.

Let me know if I can help!

Thank you!
Daniel Munoz

$commenter.renderDisplayableName() | 01.24.17 @ 09:28

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