Home Loan with Less Than Perfect Credit Nebraska, Lincoln, Omaha
Obtaining a Home Loan with Less Than Perfect Credit Nebraska, Lincoln, Omaha
The American bad credit home loan or mortgage loan home mortgage or however it is referred to in your world has changed drastically in the last thirty (30) plus years. Prior to the early 1980”s there was basically three (3) paths to home ownership:
1) From the Savings and Loans
3) The ( buy it straight owner ) Contract Sale
The Mortgage Broker and his Friend Sub-Prime Lending
When the mortgage Gods’ figured out there was a large portion of society left under serviced as far as home ownership and home loan for bad credit they put together sub-prime lending products. These products were designed to help people buy homes who for one reason or another could not purchase a home through conventional means .Whether bad credit or lack of down payment or both sub-prime lending was indeed a blessing to many families. Due to the nature of the sub-prime products the banks and savings and loan companies viewed them as shadowy or risky business at best. Now they faced the problem of who would sell these products thus the mortgage broker was born.
For a while easy mortgages and home loans for bad credit ran ramped and wild with huge interest rates until finally the housing bubble burst and sub-prime loans were again hard to come by. Now after a few years the proverbial dust has settled and sub-prime loans are back along with some good laws to protect consumers from predatory lending. Sub-Prime home loans are now at the optimum and very desirable for any savvy consumer.