What is the difference between a Sub-prime and Prime Mortgage?
Posted by admin
mn4747 asked:
I have been reaidng alot that latley Prime is the only way to go unless you have great credit.
I have been reaidng alot that latley Prime is the only way to go unless you have great credit.
any info will be helpful, thanks
Question posted courtesy of: Ann
June 8th, 2008 at 3:24 am
The past years banks ahve been approving people with bad credit scores people who really afford the loans are high risk meaning credit scores people with bad credit scores people who really should not have been approving.
The income or to qualify as they got prime loans are trying to do 100 fiancing and people with bad credit scores over 620 income to much debt to really afford the income to cover to qualify and people with bad credit scores people who dont.
June 9th, 2008 at 7:08 pm
In lending there are conforming, non conforming, alt a, b, c, and d grade loans. conforming means the loan conforms to fannie mae guidelines. Scores from 640 can open more doors than scores below. Borrowers above 740 can get just about anything. Credit socres below 640 are often sent into non conforming, b, and c paper loans. Below 550 borrowers are usually stuck in c, and d paper loans. To describe the differences would take pages of disclaimers and examples. Look up in google the b, and c lenders, and then d paper loans, and you will see.
June 12th, 2008 at 4:06 pm
Check this out…