Where Can I Find Sub-prime Loans Today??

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Where have All The Sub-prime Loans Gone?

I found a message at one of the mortgage assistance websites, a person was asking “Where can I find a Sub-prime loan?? I thought that’s a great question. Where are all those Sub-prime lenders?? All one needs do is look at www.ml-implode.com to find out.

As a result of poorly run companies,criminal investigations, etc, one will find as of today 387 sub prime lenders who are no longer in business. The very best option now days for someone is to re-build their credit and save money for down payments and closing costs. Even with an FHA or VA loan, the best option is to strive for a streamline re-finance.

The only item the underwriter will really look at is the mortgage payment history over the last two years. THERE IS NO SUCH THING AS BEING LATE ON A MORTGAGE PAYMENT FOR ANY REASON, to qualify for an FHA or VA streamline loan.

No Free Meals – FHA And VA Mortgages

One idea that every borrower needs to understand is that FHA and VA lenders  are not chary about lending money to people that have been late on their payments. All of the loans I have discussed thus far have the same guidelines and these guidelines do NOT exist in a vacuum. In other words, the notion that one lender has a different set of guidelines than another for FHA, VA, etc than every one else is a fallacy. Do NOT be fooled. If it sounds too good, too weird, too off the wall… it IS!

 Sub-prime Loans Are History

Sub-prime loans are a thing of the past. The days of easy money are gone and no one wants to take any risks on bad credit, high LTV’s, low FICO scores, high DTI’s and bad properties, especially where the foreclosure ratios are very high for a given area. One is better off securing an unsecured loan or waiting before thinking about purchasing or re-financing their current mortgage.

Sub-prime Loans Personal POV

I was a Senior Loan Officer in a company when a company that used to do business with us for our sub-prime borrowers folded. What we found out, as a company and to our horror, was that the lender had not the proper licensing to conduct business in New Jersey and that they had been inflating property values to get loans closed.

As a result, by an order of NJ Division of Banking and Insurance (NJDOBI) the company was ordered shut down and the owners of the company were ordered not to re-open and as individuals, the principals in the company and ALL of their employees were barred from ever working at any mortgage company in the state.

How To Find Sub-prime Loans? It will not be easy to find any lender who handles this type of lending.

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According to a 2004 study by the Public Interest Research Groups, or PIRG, as many as 79% of credit reports have errors! If your score is below 640, it's time for concern. "As you start dipping below about 600, you see this dramatic increase [in lending rates]. So with every 20 points - going to 580, 560 - you're ramping up aggressively.
Cleaning Your Credit Report Will Raise Your Score! With a Higher Score You Can Save Thousands Of Dollars Annually. Thousands Have Cleaned Their Credit Using The 37 Day Program. It's About Time You Do It Too. Click Here: Repair Your Credit Score in 37 Days! ($37 Risk Free)