Need help with refinance

[Nathan Caffero]

I'm currently at the end of a BRRRR and I am stuck on the refinance aspect. My credit took a pretty bad hit in my credit score is currently at a 550. I have a couple possible cosigners lined up, but haven't found the right lender who will lend to me. The home is in Wisconsin, and is a three unit producing 1900 a month in rental income. I'm under a hard money loan for 47,000. I've had this house for almost a year and really don't want to sell it.

[David Kelly]

Hi Nathan, 

Do you have available cash to fix your credit by paying down Liabilities?  If so, you may be able to fix it quick and do a rapid rescore.  That is one thing I have done for others.  Its a complimentary program we can use and usually is pretty accurate.  Once the debt is paid all I would need from you is a statement or transaction history to show the new balance.  I would then have my credit agency update the report with the new scores.  

Adding a borrower may not help.  Normally the lower of the two scores are used for eligibility.  There is a new guideline that may be coming out (or already is out) that will allow the average of two scores for the qualifying score.  So a 550 and a 780 would be a 665.