0
See: http://en.wikipedia.org/wiki/Subprime_lending I add the following. My experience is that banks or other loaning institutions would not ask about the person's job, income or other assets. This has been referred to as "Ninja" (no income, no job or assets) loan. Generally, in my experience, the person had to be a US resident, and have a social security number. Per Wikipedia, a borrower with a FICO score less than 620, would not qualify for a conventional loan, but could get a subprime loan. Prior filings of bankrupcy, late mortgage payments and overdue credit card payments lower FICO scores. Often, the loans did not require an escrow account, and many had adjustable rate provisions. The down payment for this loans was low, increasing the risk to the borrower. There are also subprime lending practices with credit cards. Please see Wikipedia or other sources on the internet for more information.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
How can one apply for a subprime home loan?
You can use a mortgage broker who can access a subprime lender database to locate lenders that meet your requirements. Once a lender is identified, complete the residential mortgage application and federal/state disclosures.
Is it smart to apply for a subprime mortgage?
If you can handle the terms of the subprime mortgage then it is ok. But you need to be sure that you have the money to cover it, because you are gambling with your future if you do not.
Where may a person find more information about Subprime Mortgage Leads?
A subprime mortgage lead is a person who wishes to take out a mortgage but is prevented from going through normal avenues due to a bad credit history. Media One Solutions, Reven Media Leads, and Broker Match are all companies which will provide leads on people who may be suitable for subprime mortgages based on the fact that they are late on their current mortgage, have recently experienced bankruptcy, or other characteristics.
Does Respa apply to subprime mortgage loans?
Yes.
Where would a person find more information regarding subprime mortgage lenders?
A general tutorial on subprime mortgages can be found at Investopedia. For information about subprime mortgage lenders: MyFHA, Consumer Affairs and MTGProfessor all have information on current lenders, rates and terms.
How can one apply for a subprime home loan?
You can use a mortgage broker who can access a subprime lender database to locate lenders that meet your requirements. Once a lender is identified, complete the residential mortgage application and federal/state disclosures.
What are steps to acquire a subprime mortgage?
When you are applying for a mortgage ask your lender about how to acquire a subprime mortgage. They will walk your through it and advise as to if this is the best option for you.
What is meant by negative amortization?
A predatory subprime mortgage lending practice that occurs when monthly payments do not cover the interest due on the loan. The unpaid interest is then added to the mortgage balance causing the overall amount of the loan to increase.
Is it smart to apply for a subprime mortgage?
If you can handle the terms of the subprime mortgage then it is ok. But you need to be sure that you have the money to cover it, because you are gambling with your future if you do not.
Where may a person find more information about Subprime Mortgage Leads?
A subprime mortgage lead is a person who wishes to take out a mortgage but is prevented from going through normal avenues due to a bad credit history. Media One Solutions, Reven Media Leads, and Broker Match are all companies which will provide leads on people who may be suitable for subprime mortgages based on the fact that they are late on their current mortgage, have recently experienced bankruptcy, or other characteristics.
were can i get a subprime bank loan to buy a house?
You will get the information about subprime bank loan from http://www.hitxp.com/world/09102008.htm website
Does Respa apply to subprime mortgage loans?
Yes.
Why did Bear Stearns shares fall so sharply in one year?
Bear Stearns was deeply affected by the subprime mortgage crisis. The subprime mortgage crisis is a result of the sharp rise in mortgage delinquencies and foreclosures.
What are the release dates for Subprime Mortgage Tycoon - 2009 VG?
Subprime Mortgage Tycoon - 2009 VG was released on: USA: 19 July 2009 Japan: 29 July 2009
What are the reasons in which a person would apply for a subprime mortgage?
Subprime mortgages are for people with lower or worse credit ratings, its more of a second chance than anything. You would apply for one if you have bad credit and need a home loan, it does have higher interest rates though.
Where would a person find more information regarding subprime mortgage lenders?
A general tutorial on subprime mortgages can be found at Investopedia. For information about subprime mortgage lenders: MyFHA, Consumer Affairs and MTGProfessor all have information on current lenders, rates and terms.
How can you tell if you am getting a subprime loan rate?
Subprime loan rates usually are between 9% to 24% all depending on the variables presented. Subprime lending is usually granted to those who have less than perfect credit score.
