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have any one been successful in getting out of a sub prime mortgage deal?

"have any one been successful in getting out of a sub prime mortgage deal or know of any programs?

This entry was posted on Thursday, August 12th, 2010 at 11:13 am and is filed under Business Ian. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

3 Responses to “have any one been successful in getting out of a sub prime mortgage deal?”

  1. Currently, most of our borrowers who had subprime loans are refinancing into fixed rate FHA loans. FHA is not score driven HOWEVER lenders are. Most require a 580 to qualify. We can go down to a 530 score but the loan has to make sense.

    It is also possible to refi your house if you are in an ARM and it has adjusted causing you to fall behind on the mortgage. Through the FHA Secure program you can refinance into a lower fixed rate mortgage. This is not score driven but you must have had decent credit BEFORE the ARM adjusted.

    If you need additional info on these programs, feel free to email me.

  2. A lot of these loans are being refinanced into an FHA fixed rate program. The requirements are a credit grade score not less than 580, decent equity and ratios.

  3. Sub prime loans don’t really exist any more (haven’t for months) and those few that do require huge down payments credit above 600 and horrible interest rates. If your score is at least 580 you may qualify for an FHA loan, if your score is below that you really aren’t in the position to qualify for a mortgage and should take some time to improve your position before taking on such a large debt.

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