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Conforming or Non-conforming loans?
Subprime Loans The Myth: So theres a myth going around that borrowers who qualify for prime loans only end up with subprime loans if lenders deceptively steer them into such loans. The Truth: Many borrowers who might qualify for prime loans knowingly select subprime loans for reasons that include: * A loan to put little or no money down. I always still recommend the government loans which require little money down anyways but for the Jumbo limits and consumers who want to pay zilch, there are the alternative loan options.
* Documentation Purposes to speed up or not disclose to the lender. Again its the consumer choice they have choice A) secured government loan with a great rate where we need x,y,z documentation and close on x date....or choice B) no doc loan with a higher rate...where we need NO documentation and close faster. Its like buying a T.V now with the highest msrp and no interest in 6 years or waiting 2 weeks later to buy it on sale without having the no interest promotion.
* And of course taking a higher loan amount than the restricted prime limits. Recently FHA limits went up but there are still consumers out there who need a higher loan than the FHA limit. So many borrowers again will take a hit on a subprime loan in order to get what they want. Bottom line there are choices out there and know what they are, make a educated decision on whats the best loan for you. This blog is based on the Myth Article located on the Mortgage Bankers Association website http://www.mortgagebankers.org I always give my borrowers which choices they have and what are the pro's and con's for each loan type. I will walk you through the whole loan process so you will never be left in the dark. Call me to get a free mortgage analysis |
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This intel was contributed by JustinSMV
JustinSMV
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May, 2012
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