There are Mortgage Brokers who offer both prime and sub-prime loans. For borrowers who aren't sure where they stand, dealing with a broker who offers both has a distinct advantage.

Another name for subprime is non-prime lending. Many subprime underwriting guidelines offer relaxation on debt-to-income ratios. Also, subprime lenders can overlook 30-day lates on a credit report.

Typically subprime loans have higher interest rates to cover the higher risk the borrowers represent. They don't have PMI if the loan amount is over 80% of the property value. Subprime loans usually do have a 2 or 3 year prepayment penalty.

Subprime lenders will generally offer mortgages to many consumers that normal traditional conforming lenders will not. There are many types of loans that subprime lenders offer and some of these are: fixed rate mortgages, adjustable rate mortgages, balloon mortgages, stated income programs, no documentation programs, bank statement programs, interest only loans, 40 year mortgages, 50 year mortgages, highest credit score programs, credit score averaging programs, below 500 credit score programs, high LTV(Loan to Value) programs, and much, much more. If any of these types of sub-prime mortgage lending loans interest you please contact us at your earliest convenience.

Subprime Loans are for borrowers that do not meet the standards required for Prime loans. Subprime lending makes it possible for people with blemished credit, low downpayment, high debt to income, and other various obstacles obtain a home loan.

In today's changing market, Fannie Mae offers expanded approvals as well for folks who just missed qualifying for traditional mortgage rates. Many times, Fannie Mae Expanded Approvals are a viable alternative for subprime quality loans.