FHA Cash-out Refinance Guidelines. According to FHA guidelines, applicants must have a minimum credit score of 580 to qualify for an FHA cash-out refinance. Most FHA insured lenders, however, set their own limits higher to include a minimum score of 600 - 620, since cash-out refinancing is more carefully approved than even a home purchase. Answer (1 of 4): Preferable credit score is 750 and above. A score of 575 indicates that repayment track record is poor. Banks would look at you cautiously. They would still consider the loan by investigating into the reasons for poor score, whether there is any subsequent positive change in you. Ocala Custom Homes has access to a unique financing program for our customers who have a credit score of 575-599. We have a number of homes that qualify for this program. The home buyer must have at least 10% down cash, trade, or land equity (or combination of ) and have verifiable income. For a credit score of 600 only 5% down is required. Compare Poor Credit Mortgages and Low Interest Rates for House Buying, Refinancing, Consolidation and Cash Out. The home equity lending market has tightened significantly for cash out refinancing transactions like second mortgages and equity lines of credit, so most borrowers are returning to their 1st home loan to refinance and obtain cash out. Indeed, you can have several mortgage options to finance your mobile home with a 575 credit score. As long as you are buying or building a manufactured home after 1975, you can apply for any loans we have mentioned above. You have to ask yourself if you also want to put a lien on the land because if not, you can only secure a chattel mortgage. Good (700-850) Fair (600-700) Poor (Below 600) The bank will also scan your credit report for charge-offs, unpaid bills, high card utilization, or other things that a bank sees as indicators of risk. An applicant with a low credit score may. Land-home mortgage; Construction to permanent home loan; Chattel lending for street retailers; Chattel loans for a mobile home are for the home itself. Others types of loans might include land financing, too. And the route you take may. Credit Score 575. Highlights. ... Using the bank's mobile app, you can easily make loan payments online. This app is the same as the one you'd use for other accounts with Wells Fargo, so you.