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For a cash-out refi on a home the borrower lives in, generally, the lowest credit score is 640, according to Fannie Mae's standards. But such a loan comes with caveats. The borrower can't have an LTV ratio higher than 75%, must have 6 months of reserves in the bank and a debt-to-income ratio of 36% or lower.
But youâll be dealing with subprime lenders â which means exorbitant interest rates and other unfavorable loan terms. How long it will take to qualify for a mortgage depends, in large part, on the mortgage lender.You may qualify for an FHA-insured mortgage in as little as one year after a Chapter 13 and two years after a Chapter 7.For conventional loans, if your lender sells its loans to Fannie Mae youâll have to wait at least two years after Chapter 13 and four years after Chapter 7.redit card companies know you cannot file again for another several years (which means you canât discharge any credit card debt you run up during that time), so they may be eager for your business. But beware â the credit card offers will likely have very high interest rates, annual fees, and other high charges.