Sub Prime, Non Prime Mortgage Loans - Tips On Getting Approved

Sub prime or non prime mortgage loans are loans that are given to individuals that have a FICO score that is under 620. These loans come with added risk for the lender as individuals that have this low of a score are more likely to default on the loan. Therefore, sub prime loans have a much higher interest rate than those with a better credit score. Yet, for those that are looking to purchase a home, these loans can afford them the ability to do so.

What Does It Take To Qualify?

Because mortgage loans are secured loans to the value of the house that they are associated with, you can still qualify to purchase these homes if you can meet some basic qualifications. All lenders are different but some things that will be looked at include the following:

Do you have steady, verifiable income that shows that you can afford to make a mortgage payment as well as make all current debts that you owe?
Is your credit score going down or up? Working on improving your score with a path moving up will show that you are working on becoming less of a risk.
Make regular payments on secured loans. Loans that are secured including current mortgages and car payments show that you are responsible in this area.

Getting approved for a sub prime or non prime mortgage loan is a process of simply proving that you can afford to make the payments and that the home you are purchasing is worth what you are paying for it. Having references, co signers and having a down payment can also improve your ability to secure this type of loan as well, although they may not be mandatory, depending on where your credit score is. Working with a lender that specializes in sub prime to non prime loans is also a consideration you should keep in mind.

List of Recommended Subprime Mortgage Lenders - We maintain a list of recommended mortgage companies online and update the list regularly.

List of 50 Tips to Increase Your FICO Credit Score- Read this article to learn 50 tips to help you improve your credit score.

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