If I Am Not Perfect….

Sometimes people express their concerns as though they are in a beauty contest. Only the most striking move to the final rounds, and the most beautiful–the most perfect–win (not including the so-called talent events).

Many people seem to feel the same way regarding their eligibility for loan programs.  I often hear, “Am I only available for a subprime loan?”  Subprime lenders, in general, do offer programs to borrowers with less than perfect credit (and usually very poor credit) scores and history. And sometimes these programs help first time buyers. In general, most people, though they may not have “perfect” credit (scores) or history, adequate reserves, or down payment, will have several other options before looking at subprime lending programs. 

Now that there has been extensive news of subprime lenders possibly going out of business, many uninformed buyers are becoming even more nervous.

You don’t have to be perfect to get a loan.

 

8 March 2007 | Credit (Score), Down Payment, First Time Homebuyers, Reserves/Assets | Comments

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