The rate is always higher than a conventional mortgage. The only time you should consider a sub prime mortgage is if you are not eligible for a conventional mortgage!
We do not have any conventional residential mortgage programs! All our programs are for situations in which the borrower cannot get a conventional residential mortgage loan.
We have programs for people with bad credit! However, if the bad credit situation has been a life long problem; you are not getting a mortgage. Bad credit programs do not mean chronic deadbeat mortgages! We go as low as a 500 FICO score, but at a 50% LTV!
Every program requires that you put down at least 35% of the purchase price, or in the case of a refinance that you have at least 35% equity in your property.
We do not have any 70% or greater sub-prime finance programs!
We have stated income programs! This means that you tell us what your income is; and we believe you! We do not check because we know a nice person like you would never lie to us!
We have mortgage credit only programs! This means that we do not consider your payment history on anything but your current mortgage. We don't care about your credit card payment history! Who cares about credit cards anyway?
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E-mail: allcityone@verizon.net