Non-Prime is a type of loan that doesn’t fit into the purview of government lending standards. They typically do not fit the restraint standards of Prime, Agency, or A-Paper Lending or is defined qualified mortgages and is looked as a temporary solution to an immediate need. This type of loan is a temporary loan targeted towards borrowers who need a helping hand before they qualify Prime. Non-Prime loans are basically offered to borrowers with a past credit history of foreclosure, bankruptcies, short sale late payment etc. The loan usually bares a high interest rate and costs for availing finance while proving their ability to participate in the market.
Making Your Dream Home A Reality