The Home Mortgage Help Source
By Ron Kerwood


Weekly Update


The Process




VA Loans

(Rough Credit)




SubPrime Loans
Rough Credit or Special Situation Loans

Many people have found themselves in bad financial situations and one way or another they've dealt with the problem.  Sometimes that solves the issues, sometimes it doesn't and sometimes no matter how hard you try you just can't fix everything.  At this point you want to get on with your life as best you can and part of that is putting a roof over your family's head.  Many times it's actually cheaper to buy than to rent especially when you have a family.  This is where SubPrime loans come in.  Financing for folks who don't have the best credit background but would like to share in the American Dream of Home Ownership!!!

In many ways the Process of a SubPrime Loan is similar to any other loan.  However, each lending source may have some different rules or guidelines unlike other types of standard lending which use FNMA, FHA or VA guidelines.  So you have to ask questions!!!  Maybe a lot of 'em.  If you find that the Lender you are working with is evasive or does not want to spend time answering questions or most importantly won't put things like terms, approval, etc. in writing... get a different Lender or contact me.  I specialize in this type of lending and everything is up front and above board!!!

SubPrime Loans will typically be at a higher rate and may require more money down.  Although today it is fairly easy to get 100% financing in this area of Lending as well as more standard Lending!  Basically the way it works is; the worse the problem is, the worse the terms are.  I've done many SubPrime Loans for people who have been able to get things almost but not fully straightened out and the rates have been only slightly higher than a regular loan.  So you see, it depends on the severity of your individual issues.

Think you need to find out more about SubPrime Loans?  Contact me and if I can't help you I will try to steer you in the right direction.  Sometimes you need to get on the right path with credit cleanup first and I've helped point a lot of people in the right direction.