Sub-Prime Lenders

We recently covered one option of getting a mortgage through FHA or conventional mortgage.  But, sometimes that is not an option.  Some people are still in a tough spot.  They will call their Chester County bankruptcy lawyer to find out what should be done.  

But, some people can seek a sub-prime mortgage.  This industry was booming prior to the recession but has been strangled (but not killed).  You will have to hustle to get a sub-prime lender.  You will most likely get an inside source from a Realtor who has worked on these issues before.  

These sub-prime lenders are varied.  You can find different rates, different terms, and different requirements across the board.  You should expect a higher interest rate from these sub-prime lenders, so you will have to make sure you get on top of whether it makes sense financially for you to switch from renting vs. buying.  

You should also confirm from the mortgage company whether they will allow you to refinance (or, preferably be automatically refinanced) into a conventional rate after 24 months of good payment.