What do you do when you find the perfect house and want to qualify for a mortgage? You first check to see if your finances are in order, such as having a significant amount of money for a down payment. You also make sure your credit is in good standing. Any credit score above a 620 is necessary in order to qualify for a quality loan with low-interest. But what happens when you find out your credit score is under 600? The best advice for individuals with low credit score but wish to receive a home loan, is to consider sub prime mortgages. With a sub prime loan, poor credit is not an issue. Instead of considering your credit, sub prime mortgages will look at other means that will qualify you to carry a loan. For instance, if you have a lot of cash saved up or make a reasonable income, these factors are generally enough to qualify for a sub prime home loan.
In this post we will discuss the details of sub prime lending, including what are subprime mortgages and how these types of mortgages work. After that, we will show you ways to apply for a sub prime mortgage and how to obtain a sub prime mortgage.
What are sub prime mortgages?
How do sub prime mortgages work?
Financing a home with a sub prime loan generally works the same way as a conventional loan. The only difference is that you will be working with a private lender. That is, you will be responsible to make payments towards the sub prime loan that is held by the private lender. Qualifying for a loan held by private lending is rather a simple process as sub prime mortgages are specialized for people who have credit problems.
How do I obtain a sub prime mortgage?
Compared to a conventional lending process, the process of qualifying for a sub prime mortgage is generally much simpler. You can obtain a sub prime mortgage through any private lending individual or company. It is advised to do your research and take your time when looking for a private mortgage lender. Take a look at the company’s longevity of their business, number of credentials and any customer reviews they may have.
One well-known, qualified company in Arizona that has professionals with many years of real estate experience is Level4Funding. Dennis has over 40 years experience in the housing business and can aid individual who seek sub prime mortgage
. Call him at 623-582-4444 to schedule an individual consultation today.
Level 4 Funding LLC
Tel: (623) 582-4444 | Fax: (888) 279-6917
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027