Sub-Prime Mortgage Loans Who Qualifies For A Sub-Prime Loan?
Sub-prime mortgage loans are designed for those who dont qualify for A rated loans, typically those with a FICO score of less than 650. They also cater to those desiring unconventional terms, like a jumbo loan. As with any lender, to find the best financing, you have to compare mortgage loan offers.
Who Qualifies For Sub-Prime Loans?
Anyone can qualify for a sub-prime loan, no matter their credit history. Even people with excellent credit may choose to work with a sub-prime lender to work out special terms.
When it comes to mortgage loans, sub-prime lenders dont decline applications. Rather, they present terms, which you can choose to accept or decline.
For instance, a person could discharged a bankruptcy and apply for a mortgage the next day with a sub-prime lender. The lender would likely charge 12% above conventional rates and require a 50% down payment. The option is to either take the loan or wait two years for much better terms.
What Sub-Prime Lenders Offer?
Besides flexibility with terms, sub-prime lenders offer near conventional rates. On average, sub-prime...
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