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Sub Prime Loans Author David Schneider | May 23,2007 Janet had always dreamed about owning her own home. However, at the age of 33 she found herself divorced with two kids and living in an apartment. She had struggled in the past with credit card debt, but she was making positive strides at reducing her credit card balances. She had also increased her income steadily every year for the past five years. To save up money for a down payment, Janet took odd jobs and she sold novelty items on eBay. Her odd jobs and eBay income doubled her regular income, but it was difficult to predict how much she would earn from these non-traditional income sources each year and next to impossible to document. When Janet applied for a mortgage, the lender denied her prime loan because her credit score was under 700 and because she could not easily document her income. However, Janet did qualify for several subprime loans.   Subprime loans are usually associated with people who have lower than prime credit scores. However, lenders also offer them to people who have hard to document income sources, to people who want to buy a multiple family investment property or to people who have little money to put down. If you fit into any of these categories, then a subprime mortgage may be just what you are looking for.   If you are looking for a lender who specializes in subprime loans then you need to make sure that (1) they are a reputable lender, and (2) that they are offering personalized rates for your credit and financial situation. To help you find a lender that meets both of these criteria you should utilize the mortgage quote referral service offered by QuoteMatch.com. Take the first step towards owning your own home by visiting QuoteMatch.com today. Print E-mail Del.icio.us Digg

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