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Think of it this way. You are basically asking a bank to give you $20K plus, and all you have to show is a credit card with two 30 day plus late payments, and a subprime 635 credit score. You really need a 680-700 credit score to get a loan without drama.
I think IF you get a approved, it will be at an interest rate not worth it. The refinance excuse makes no sense when you are putting so little down, because you will always be too upside down.
That being said, if you have a cosigner, that could be a great thing that lets you get a lower rate and rebuild your credit.
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