Our home loan lenders specialize in providing purchase and refinance offers for bad credit borrowers. Subprime home mortgages are needed when a borrower wants to buy a home and they have limited or poor credit. A Subprime loan is also helpful for existing homeowners who have developed some credit issues since purchasing their home. Most subprime loan programs have been cut, but a few lenders like Smart Home Financing, continue to offer subprime loans for people with bad credit.
- Cash Refinance with No Income
- Consolidate Bad Debt
- Refinancing with FHA
- No Equity Refinance
- Stated Income Home Loans
- No Income Documentation Loans
- Non-Conforming ARM, Interest Only
- Government - FHA, VA
- Equity Loan for Low Credit Scores
- Home Construction Lending
If you have bad credit, you may not qualify for a conventional loan or low down payment loans offered by FHA and VA. In this case, you may consider a subprime loan. Because of the higher risk associated with lending to borrowers that have a poor credit history and thus a higher risk associated with repayment, subprime loans typically require a larger down payment and a higher interest rate.
Subprime loans can be good opportunities for borrowers with past credit mistakes by getting them into the home they want at today's price. If you already own a home, a subprime loan can even give you the chance to clean up your credit and ultimately refinance into a lower rate at a later time. If you have a mortgage, you can look at refinancing more than what you currently owe on the house and get cash back for the equity you already have in the home. This cash out could be used to pay off higher rate credit cards, bankruptcy, foreclosure or collections and liens, and it can be an excellent way to clean up a troubled credit history, save money each month and start rebuilding your credit worthiness.
Let Smart Home Mortgage Loans help you find the right subprime mortgage for your needs, and start cleaning up your credit history today!
Mortgage & Debt FYI
Many self-help guides to getting out of debt suggest credit card debt consolidation
as helpful tool for debt management. Debt consolidation, in simple terms,
means taking all the money you owe to different sources, or in most cases,
different credit card companies, and putting it into one source of debt-either
another credit card or some other type of loan.
If you are diligent about either paying off your debt or switching again
to another low interest program before the low interest rate time period is
up, then you will be able to save hundreds of dollars in interest payments.
Request a FREE Mortgage Quote online and learn how a debt consolidation loan can help.