Sub-prime lending

Discussion in 'Credit Talk' started by Cathy, Jun 6, 2000.

  1. Cathy

    Cathy Well-Known Member

    Hi,
    Can anyone tell me what type of discounts you would qualify for sub-prime lending? I am First time homebuyer. My fiance and I are buying a house, he has perfect credit, I dont. He qualified, but I didnt. We qualify together, but for sub-prime. Since we are first time homebuyers, what kind of down payment is required for this type of loan? Does anyone know if doing this type of loan is bad?
    Any help is appreciated.
    cathy
     
  2. Momof3

    Momof3 Well-Known Member

    Can you finance on his income alone? If so, you don't need to be on the mortgage.

    Cathy wrote:
    -------------------------------
    Hi,
    Can anyone tell me what type of discounts you would qualify for sub-prime lending? I am First time homebuyer. My fiance and I are buying a house, he has perfect credit, I dont. He qualified, but I didnt. We qualify together, but for sub-prime. Since we are first time homebuyers, what kind of down payment is required for this type of loan? Does anyone know if doing this type of loan is bad?
    Any help is appreciated.
    cathy
     
  3. Cathy

    Cathy Well-Known Member

    yes, but he didnt qualify for a house the size we needed, plus I make more money than he does, so we thought it would be better to do it together.

    Do you know if all lenders are the same? What i mean is, if one approves you for 150,000, then would another approve you for a different amount?
     
  4. Momof3

    Momof3 Well-Known Member

    All lenders are different. The bottom line is really how much interest you will end up paying. Lenders vary alot, while one may not approve for a price, another will turn around and approve. When you say your credit is bad, just how bad is it??
     
  5. Cathy

    Cathy Well-Known Member

    Actually, not that bad. But, it was enough to disqualify me for a loan. Can you buy points on a sub-prime loan?
     
  6. Eric

    Eric Guest

    In the interest of time and securing the home, you could always take the sub-prime and re-finance in a couple years.
     

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