Qualifications Standards

The specific qualifications criteria getting refinancing their home loan relies on the lending company as well as the mortgage sort of you decide on. not, popular qualifications criteria through the following:

Minimum Period of Homeownership

Some lenders wanted Colorado property owners to hang their current mortgage getting a certain period of time in advance of he is eligible to refinance. Such, the fresh Streamline Re-finance system compliment of FHA needs no less than half a year away from toward-go out payments.

Property value

An assessment is a crucial part of your refinancing procedure and could affect your qualification. If the possessions cannot appraise on amount borrowed or a great portion of they, the financial institution get refute the loan application.

Credit history

Like a traditional mortgage loan, you need good credit to qualify for an excellent refinance loan. Extremely Tx loan providers need at least good 620. But not, FHA loans possess all the way down credit history conditions. Read More >