GET A MORTGAGE WITH NOT SO PERFECT CREDIT

SUMMARY There is nothing wrong or shameful in needing a subprime loan. Subprime loans are great products. They should be used as a transitional mortgage. After you have had a subprime loan for 12 months to 24 months, you may be able to refinance into a mainstream mortgage. The time that you made payments to the subprime lender helped you reestablish your credit worthiness. Subprime loans allow borrowers the opportunity to demonstrate their ability to handle credit. The borrower may have to pay for this opportunity but imagine how many people would not own homes without this product. It has been estimated that more than half (probably closer to 60%) of the home buyers in our country need the services of a subprime lender.

In other words, don't despair. If you have had some credit problems, you are not doomed. Take the time to do what you can to insure your credit history is reporting accurately and utilize the services available to you in the subprime market if you need a transitional product. Everyone can be a homeowner.

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