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The Fed didn't make a move at the March meeting, but what the Fed had to say about future policy has implications for mortgage rates.

The Fed didn't make a move at the March meeting, but what the Fed had to say about future policy has implications for mortgage rates.

Can I refinance my home if my credit is bad?

A: That depends on how bad your credit is and other factors. The FHA will allow you to refinance with a credit score as low as 580, and an equity position as small as 3.5 percent of the value of the home. So is it possible? Yes. Will it be difficult if your credit is poor? Yes.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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A:

The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

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This question used to have a simple answer, since there was a "bright line" definition -- the conforming loan limit....

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Simply put, a "conforming" mortgage "conforms" to a set of standards so that the loan can be eligible to be sold to Fannie Mae or Freddie Mac.

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