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Discussion in 'Credit Talk' started by FL GAL, Apr 25, 2001.
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If you ask me getting a subprime loan isn't worth it. Work on repairing your credit then buy a house. 525 is pretty low but in a year or two you might be able to qualify for an FHA loan. I hear they want at least 620, but will go lower if you have really good explanations.
Sorry I can't help you in your quest for a subprime mortgage but I'm sure if you add up the amount of money that you will have to pay for a subprime mortgage at 10, 12 or even 15% vs. a nice 7 or 8% prime mortgage you will agree.
And I think the risks of using the subprime mortgage to "build" your credit so you can qualify for a mortgage from a regular lender isn't worth the risk.
I can't qualify for a prime mortgage right now, and I still rent. That is the price I pay for screwing up my credit report. But I am not willing to pay a subprime mortgage lender a premium because I made some mistakes when I was younger. It sucks but in a year or two I will be able to qualify for a mortgage at a good rate and you probably could too!!!
I agree with you john, but I would also consider the tax advantages. Mortgage interest is tax deductable, so alot of the interest will be refunded at tax time, plus you could probably claim even more deductions because (more than likely) you have exceeded the standard deduction. One could easily refinance a subprime loan at a later time, provided their financial picture has improved.
I wish ya'll good luck!!!
Hey its all a matter of how a person looks at it!
It all depends.
I just refinanced a client who I closed a sub prime purchase loan, with last year. The value of his home increased 35% in 15 months. His purchase loan was at 12.99%, with a buyout of the pre payment penalty. This client is in the 39% tax bracket and his after tax deduction cost of the purchase money mortgage was about 7.90%. He's up 27% on the acquisition cost of the money compared to the current value of his investment. He only put $10,000 down and the 35% represented an investment capital increase of $38500 or 385%.
Now hes in a 6% conventional 5/25 ARM and I put his original $10,000 investment back in his pocket as a cash out refinance.
This can be a very smart move and their is nothing like owning your own home.
IT IS IMPERATIVE YOU WORK WITH A MORTGAGE PROFESSIONAL THAT SEES YOUR APPLICATION AS TWO LOANS(in 12 to 24 months) AND NOT ONE LOAN AND SEE YOU LATER.