How Do You Apply For A Subprime Home Loan?
Apply for a subprime home loan if your credit or home loan requirements fall outside the normal lending guidelines. Typically, prime lenders require a minimum score of 640. Obtain a subprime loan even if you possess an acceptable credit score, but wish to obtain a loan that falls outside the prime lenders’ guidelines, such as a a short-term rehab loan. Know where your credit stands before applying for any type of a home loan. Obtain your credit report. Know what is on it by requesting free credit reports at annualcreditreport.com. Obtain reports and review any derogatory accounts, make a note on why the account is derogatory. This helps you later in providing an explanation to the mortgage company. For example, many times lenders accept loan applications with excessive medical bills or other bills that were not paid because the borrower was unable to work or laid off. Find a subprime lender. Look for a local lender who specializes in subprime home loans. Use lenderlab.com; click on bor
