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Sub Prime Mortgages


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Have you been denied an FHA or VA loan due to bad credit? Are the conventional and low down payment programs something that are out of your reach? If so, consider applying for a sub prime loan. Agreeing to pay the higher down payment requirement, and associated higher interest rates, may afford you the ability to still secure a loan despite your poor credit.

Do your due diligence and educate yourself to the details of a sub prime loan being offered to you and decide if it is the route to take to buying your new home, and restoring your poor credit. Even if you currently own a home, sub prime refinancing can help you to do this. If you have equity and you choose to refinance, you can borrow more than you currently owe on the home, and use that cash to pay off your credit cards that are accruing debt at a much higher interest rate, clear up foreclosures, collections or liens, if they too exist, and reel in your financial woes. You will bring yourself out from under the cloud of bad credit and restore your credit rating. These are all very important aspects of your financial existence and future ability to invest.

When putting together a sub prime loan program for yourself try to confine it to a short time frame of two to four years. You can do a lot to improve your situation in that time, and when you go on to further investments you will be able to take advantage of all the loans that are on the market, and not be as restricted as you are now.

Many borrowers with bad credit are well intended people who honestly tried to pay their bills on time but catastrophic events such as losing a job to corporate down-sizing or a long family illness not covered by insurance led to missed or late payments, or even foreclosure and bankruptcy. Now they find themselves steeped in bad debt and unable to function normally. Sub prime loans were developed to help these higher risk borrowers obtain a mortgage and repair their credit. There are mortgage companies that take into consideration events outside the borrower's control, grant loans, but not without a price, so shop around.

The rates you will be charged by lenders are based on how bad or what form your risk level is perceived to be at. If you had good credit, made your payments on time, and never defaulted previously to having your credit rating diminished, you stand a better chance of not paying too high an interest rate to compensate the lender for his risk. In addition your current level of income, your past employment history, and the kinds of assets that you now have, will also be determining factors that will either work for you or against you when you are being considered for a loan.


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