The bad credit zone

Bad Credit, The Bottom Line
Bad credit is not the end of the world. May reputable bad credit refinancing specialists will do "in-house" underwriting. They will look at your income to debt ratio, credit history, your employment history, and any defaults you may have had.  If your credit score is really low, they may require you to bring extra cash to the closing.  A good tip is to try to have as much cash as possible, because the lender will see you as less of a risk.  When a bad credit lender sees that you are willing invest your own cash into the home, he will view you as less of a default risk.

Subprime Lenders - avoid them

These are the lenders who cause a lot of people to file bankruptcy.  If you are looking for a subprime lender for refinancing you need to be very careful.  Be sure to get references and check with the Better Business Beaurea.  This type of lender may offer a good looking mortgage on the surface, but may hide horrible terms in the find print.