 TITLE: Can You Get a Cash-Out Refinance With Bad Credit? CONTENT: What Credit Score Do I Need?\n----------------------------\nUnlike other refinancing options, cash-out refinancing is open to people with fair and poor credit. While home equity lines of credit (HELOCs) and home equity loans require applicants to have minimum FICO® Scores☉ between 660 and 700, a cash-out refinance lender may be satisfied with less.\nBecause lenders that facilitate cash-out refinancing are issuing you an entirely new mortgage, they become the first party lien holder, which means if you default, they have clear access to your property to recoup their investment. In other types of home equity options, the new lender may only have claim to the equity against which you are borrowing—meaning if you default, the new lender will have to compete with another lender to get their investment back.\nThis difference may make a lender more willing to take on someone with a lower credit score for a cash-out refinance, but does not mean they will give these loans to everyone. If you have a substantial history of missed payments or any glaring blemishes in your credit file, creditors may think twice about issuing you new debt. END