Sub Prime mortgages are making a comeback in Florida.

Subprime mortgages are for people who cannot get an FHA, VA, or Conventional mortgage.Usually their credit scores are less than 550, or they recently had a foreclosure, short sale, deed in lieu of or a bankruptcy. Subprime mortgages do not care what your credit score is.

Subprime house

Now a person can get a sub prime mortgage with as little as 10% down pmt. Some examples of subprime loans available are: 1 day after a short sale you need 10% down pmt. to buy a home. 1 day after a foreclosure, deed in lieu of or a bankruptcy you need 20% down pmt. to buy a home. Subprime mortgages are fully documented income or bank statements are used to qualify for income. Rates on these loans are usually starting in the upper 6’s. You can get a 30 yr fixed or an ARM (adjustable rate mortgage). They also do offer interest only options. The mortgages are for single family homes, town-homes, condos & 2-4 unit residential properties.

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