Who's The Best Subprime Lender?

[beatboy77]

I would like to ask the mortgage professionals on here who do they think are the best subprime mortgage lenders for people would BK's less then one year discharged and FICO's anywhere from 580 to 640?

[sidd_jfk]

There are plenty of subprime lenders as to speak.

Your best option is to go through a mortgage broker

You may contact Charles at 801.942.2918 with your situation.

www.bestmortgageinfo.com

What is current FICO score? You probably want to be in 610-620 range good options. Higher the score the better and remember income will play an important role too. I am ont sure how BK will play all into this.

[paw67]

You would definately need to talk to a broker, especially with a bk so young. You could email or PM Charles and he will be able to give you more info. In terms of FICO scores, you will want your mid score to be 620 or higher. Also, do you have money for a downpayment? The more you have for a downpayment, the better off you will be.

Good luck.

paw67

[amortgageman]

The best subprime lender will loan to 100% financing at 600 credit scores, 1 day after bankruptcy discharge. Right now the par interest rate is 6 5/8% for a thirty year FIXED RATE on the first mortgage, and the second mortgage is around 11 or 12% on the second mortgage.

All that is needed is three tradelines in the credit history that were paid off satisfactorily, or paying satifactorily, one being open for 24 months, and the other two at least 6 months. This does not mean current accounts, as long as they are contained in the credit history on one of the three credit reports.

There are several other alternative sources for less than 1 year discharge, but almost all will require 5% down payment.