Subprime Loans for People with Credit, Equity and Income Problems

Subprime loans are one of the primary options for people with less than perfect credit. In most cases buying or refinancing a home requires good credit. Conventional lenders require a good credit history from borrowers, but non-conforming lenders offer subprime loans to consumers with a challenged credit history.

Can Subprime Loans Help People with Limited Credit?

Many firs time home buyers have limited or no credit, so getting approved for a traditional mortgage can be challenging. There are non-qualified mortgage programs which are very similar to the old subprime home loans. If you want to buy a home and your credit score is below 620, most likely you will need a FHA alternative or a sub-prime loan. FHA interest rates are typically lower than subprime rates, but FHA charges monthly mortgage insurance.

How Do You Qualify for a Subprime Loan if You Have Bad Credit?

Whether you choose a private mortgage for low credit or a government insured loan, the bottom line will always be which loan save you the most money while offering you the best terms. The good news is that many of our highly reviewed lenders have recently expanded their subprime loan programs. View our line of subprime home loans and discuss your situation with one of our friendly loan officers with no obligation.
Non-prime loan programs are subject to change at any time. Most of these alternative home finance options are volatile so verify with your loan officer which subprime mortgage programs are available. Subprime and FHA rates may vary and are subject to change. We believe that when you compare our subprime loans that you will be pleasantly surprised.
Unfortunately, there have been unscrupulous subprime lenders that have taken advantage of consumers that have no experience in home financing. Many of these applicants do not fully understand the terms of high-risk loans. We have gone to great lengths to assemble a staff that is educated on the best programs for borrowers with little or poor credit.

Takeaway on Today’s Subprime Loan Program

Many consumers have benefitted greatly by choosing BD Nationwide for subprime loan programs. Our subprime lenders provide multiple solutions for alternative home loans across the county. Not everyone will be approved but it doesn’t cost you anything to find out if you are eligible for a subprime home loan.
Many borrowers are forced to select subprime loans because they are considered 1st-time house buyers and they simply do not qualify for a conforming lien. Once these borrowers have established their creditworthiness by making their mortgage payment on time, they typically refinance into a loan with better interest.