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Davie Home Finance, 115 Donna Rd NE, Palm Bay, FL 32907
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Subprime Loans
Subprime lending - A type of mortgage lending intended to serve borrowers who
do not qualify for prime loans because of credit problems or a limited credit
history.
Subprime loans are a great tool to get credit challenged borrowers into a home
quickly without taking the time to clear up past credit issues. When going into a
subprime loan it is often advised to opt for a 2/28 or 3/27 vs a 30 year fixed. A
2/28 or 3/27 loan is fixed for the first 2 to 3 years then becomes an adjustable rate
thereafter and offers a lower rate than the 30 year fixed. This 2 to 3 year time
period gives you the time to better your situation enabling you to qualify for a
conforming loan with lower rates before the rate becomes adjustable.
Subprime lenders are great for getting first time home buyers, with or without
good credit, into a home. Subprime lenders also help borrowers with excellent
credit that have other problems getting financed like, proving income, loan to
value etc.
These are mortgages offered that allow for credit problems, higher loan to values,
higher cashout amounts, no PMI insurance. They also have looser underwriting
guidelines, ignoring charge offs, judgements and collections. Also underwriting
turn around times can be much faster.
Mortgage brokers are usually the only source for subprime loans, as these loans
are almost never offered by neighborhood banks. Most mortgage brokers have a
network of mortgage banks that offer loan programs for all sorts of unconventional
situations.
Do you feel you are a subprime borrower? I can understand how this can be
intimidating. Please contact me so you and I can discuss your financial situation.
You may qualify for a conforming loan.
Subprime lending - A type of mortgage lending intended to serve borrowers who
do not qualify for prime loans because of credit problems or a limited credit
history.
Subprime loans are a great tool to get credit challenged borrowers into a home
quickly without taking the time to clear up past credit issues. When going into a
subprime loan it is often advised to opt for a 2/28 or 3/27 vs a 30 year fixed. A
2/28 or 3/27 loan is fixed for the first 2 to 3 years then becomes an adjustable rate
thereafter and offers a lower rate than the 30 year fixed. This 2 to 3 year time
period gives you the time to better your situation enabling you to qualify for a
conforming loan with lower rates before the rate becomes adjustable.
Subprime lenders are great for getting first time home buyers, with or without
good credit, into a home. Subprime lenders also help borrowers with excellent
credit that have other problems getting financed like, proving income, loan to
value etc.
These are mortgages offered that allow for credit problems, higher loan to values,
higher cashout amounts, no PMI insurance. They also have looser underwriting
guidelines, ignoring charge offs, judgements and collections. Also underwriting
turn around times can be much faster.
Mortgage brokers are usually the only source for subprime loans, as these loans
are almost never offered by neighborhood banks. Most mortgage brokers have a
network of mortgage banks that offer loan programs for all sorts of unconventional
situations.
Do you feel you are a subprime borrower? I can understand how this can be
intimidating. Please contact me so you and I can discuss your financial situation.
You may qualify for a conforming loan.
| Call Today!! (321) 373-4659 (866) 319-2998 toll free |