Upside Down Mortgage

Posts Tagged ‘subprime lending legislation’

Subprime Lending

Question: Does anyone know of a subprime lending for home mortgage score a little less than 600?

Credit issues due to broken neck in 2000. Stable now and have good income but trouble finding lending? Any help welcome.

Answer: thats a pretty low score, you will probably have to do an FHA loan (gov. loan). These are pretty good and the rates are as well. you will unfortunatly have to follow some of their guidlines regarding what type of house you can buy. for instance, if you were looking at a manufactured/mobile home, it MUST be on a permanent foundation, or you will not get the loan. They also require not only an appraisal, but structural engineering reports on certain types of housing, that must pass in order to recieve the loan. You're looking at about 6.5% interest, and 1-2 points (closing $$). hope this has helped. I recently went through countrywide mortgage group, and they are really great at giving out information. Can't hurt to make the call
good luck!

Subprime Lending

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