Sub Prime ( B- Paper) Loans

These loans allow for those people who have had serious credit problems or have limited work history in their profession (such as less than 2 years self employed) to still purchase a home. There are two directions a sub prime loan can take. For example this loan can be used as a temporary loan. A buyer who may have had a recent bankruptcy can take the first 2 years of the 30 year note, make all his payments in a timely manner, establish 3 new lines of credit and then refinance out of his higher interest loan to a standard Conventional / VA or FHA loan. If the buyer has a history of lazy payments for whatever reason, he/she may just take this higher rate and simply pay more over the life of the loan. Sub Prime loans have higher interest rates, allow for higher ratio of debt to income and generally require 0% to 40% down. Maximum amount paid by seller differs from investor to investor. Sub Prime is credit score driven.

APPLY NOW!

HOME