A sub-prime home loan is designed to service those individuals and families who have credit problems. The severity of the credit problems and the length of the problems will determine whether or not you are a candidate for a sub-prime loan. There are some individuals who may not qualify even for this type of loan.
The sub-prime home loan market often seems to have a life of its own. At times, it is easy to find a sub-prime loan through a lender while at other times, when the market tightens up, it can be difficult to get a sub-prime loan. In other words, there are no guarantees that a sub-prime home loan will be available at all times. Much of that is determined by the overall housing market and borrowers have little they can do to change that other than to wait for the markets to settle down.
Generally speaking, sub-prime mortgages are for those with credit scores under 620. On average, most credit scores will range from 300 to 900, with most working people being somewhere in the 600 to 700 range. Individuals who are always late paying their bills, and especially those who are 30 to 90 days late, will have a much lower credit score. When the credit score falls...
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