I'm currently at the end of a BRRRR and I am stuck on the refinance aspect. My credit took a pretty bad hit in my credit score is currently at a 550. I have a couple possible cosigners lined up, but haven't found the right lender who will lend to me. The home is in Wisconsin, and is a three unit producing 1900 a month in rental income. I'm under a hard money loan for 47,000. I've had this house for almost a year and really don't want to sell it.
Do you have available cash to fix your credit by paying down Liabilities? If so, you may be able to fix it quick and do a rapid rescore. That is one thing I have done for others. Its a complimentary program we can use and usually is pretty accurate. Once the debt is paid all I would need from you is a statement or transaction history to show the new balance. I would then have my credit agency update the report with the new scores.
Adding a borrower may not help. Normally the lower of the two scores are used for eligibility. There is a new guideline that may be coming out (or already is out) that will allow the average of two scores for the qualifying score. So a 550 and a 780 would be a 665.
Co-signor or Co-borrower does not fix or overcome your score. You can get a loan if you show enough income on IRS returns. The score sounds too low for DCSR loan. I assume you don't have the cash to fix the score. Your rate with non owner cash out and that score is going to be Halloween scary. Measure the total cost to refinance verses just selling now. Can it cash flow after refinance?