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Subprime Mortgage Lender

Susan Said:

Who are some Subprime Lender websites who still giving mortgage loans?

We Answered:

Subprime has gone away. Sorry...you missed that gravy train about 2 or 3 years ago. Conventional loans had all of the subprime. Now you can't get a conventional loan with out at least a 640 credit score. Most are over 680 if you aren't doing 20% down. Reason being that if you don't put 20% down you have to pay PMI. PMI companies will only do LTV of 95% and require a 680. So you will need good credit and 5%.
The closest thing to subprime is an FHA manual underwrite but you will need either 0 scores or at least a 600 credit score.
If your credit score is under 600 your question should be; where can i get good credit counseling?.

Viola Said:

need a mortgage lender for my borrower, subprime?

We Answered:

Have you tried Fremont Mortgage or Indymac Bank? Not sure about stated wage earner with Fremont, but Indymac (subprime)might have something. Good luck.

Sarah Said:

My mortgage lender is having subprime worries. Should I be worried?

We Answered:

You have nothing to worry about.

Even if Countrywide were to close down, your loan would be sold to another servicing company and you will continue making the same payments.

They cannot change the terms of your closed loan.

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