Pittsfield, MA -- (SBWIRE) -- 08/09/2013 -- That’s why Real-estate-yogi.com is here to share its knowledge of this subject, such as:

- FHA Assistance
- VA Aid
- Interest Rates & Poor Credit
- Compare Lenders

Federal Housing Administration (FHA) Assistance

The government offers several options for refinancing a home with a bad credit score. One is a FHA Streamline mortgage refinance. This is appealing to people whose credit isn’t terrific because there are virtually no verifications of anything! No credit checks, no proof of income, no employment verification, not much of anything is checked. This means that an unemployed person with a credit score of 400 could conceivably get this kind of refinance. Check out FHA’s website to learn more.

Refinancing Home Mortgage With Bad Credit, Seek the Best Deal At Lowest Rates in USA, Now Online!

Veterans’ Administration Help

Another choice for refinancing your home with bad credit is available to veterans, active duty personnel, members of the National Guard, and surviving spouses of military members. This is a VA-insured mortgage refinance, and credit score is practically a non-issue. The VA guarantees a portion of the mortgage loan which a veteran receives from a VA-approved lender. This guarantee makes financers more willing to give a mortgage to a service member, because the VA will make payments on it if the veteran defaults, which is unlikely.

Credit Score & Interest Rates

Refinancing home with bad credit may not be as much of a problem as one might think. A homeowner whose credit score is 620 will likely have to pay 1.5% more interest than someone whose score is higher. If one’s score is 680, he’ll only have to pay approximately .5% more than a person with a better score. Simply put, the lower one’s score is, the more interest he’ll have to pay.

Seek the Best Deal

Refinancing a home mortgage with bad credit can actually be rather fun. Take the time to find the best deal by comparing rates and terms among many lenders. Online lenders tend to compete more aggressively for those whose credit may cause a problem, so check them out thoroughly. See if one can get a reasonable, if not low, interest rate and an acceptable, if not great, length of loan. Tell Lender A that Lender B offered a 2% lower interest rate and see if Lender A doesn’t come down another .5% to get the loan.

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