500 Credit Score Refinance
A 500 blocks most rate-term refinances, but FHA Streamline and VA IRRRL often skip the credit re-check entirely.
By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026
A 500 credit score rules out a standard rate-term or cash-out refinance, which need 620 or more. But if you already hold an FHA or VA loan, the streamline programs are a different story: FHA Streamline and VA IRRRL frequently skip the credit score check altogether. That means a 500 can sometimes still lower a rate, even when a normal refinance is out of reach.
Streamline vs Standard Refi
A standard refinance re-underwrites your credit, so a 500 fails the 620 conventional floor outright. There is no path there until the score climbs.
Streamline refinances exist to lower payments without a full re-qualification. An FHA Streamline or a VA IRRRL often requires only a clean recent mortgage payment history, not a score pull, which is why a 500 can still benefit if you already have the right loan type.
| Refinance Type | Available at a 500 Score? |
|---|---|
| Conventional rate-term | No (needs 620) |
| Cash-out | No |
| FHA Streamline | Often yes — no score check |
| VA IRRRL | Often yes if you have a VA loan |
500 Score Refinance — FAQ
Not with a standard or cash-out refinance, which require 620. But if you have an FHA or VA loan, a streamline refinance (FHA Streamline or VA IRRRL) often skips the credit check and can lower your rate based on a clean recent mortgage payment history.
The 620 conventional minimum. A standard refinance re-checks your credit, so a 500 does not qualify. Streamline programs are the exception because they are designed to reduce payments without a full re-underwrite.
A Refinance With a 500 Score?
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Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.