BRRR method - Refinance and Credit Sore

[Harold Blanco]

On the BRRR method, Do you need a good Credit Score ( 680 or more) to the refinancing a home you just bought, rehab and is currently rented? I am able to pay cash for the property and the rehab, and I already have a tenant lineup. My concern is that my credit score is less than 600. Do lenders look at the ARV more importantly, or does the FICO score plays heavily on the decision to refinance?

I am new to this, so I will appreciate any help. 

Harold B. (Springfield, MA)

[Evan Polaski]

@Harold Blanco, they will look back at you.  FICO score is an important part, but not the only part, of your financial strength.  I would call around to several local banks and let them know what you are trying to do and where you stand in terms of FICO score, net worth, liquidity etc.  You might be able to find a lender that will be open to working with you, especially if you have high liquidity and net worth.

Be sure to let them know this is non-owner occupant property too, because not every bank will lend on investment properties.