If your credit score is below 680 points, regardless of how much equity you have in your home, you will probably be working with an FHA loan program. This program is not interested in your credit score and oftentimes can approve a loan for you. However, they will insist that you have not been late on your mortgage payment in the past year.

If you can show a steady source of income that meets all of the loan specifications (see income information for more details on this issue) you should be able to qualify for a mortgage refinance.

However, if your scores are below 620 points then your chances of getting a loan approval are limited.