If you are looking to buy a home in Los Angeles and you do not qualify for a prime loan, you may qualify for a non-prime loan, also known as a subprime loan. Non-prime loans are available to borrowers with lower FICO scores as well as those who may not meet the income-to-debt ratio requirements for prime loans.
Here at Pacshores Mortgage, we help clients throughout L.A. to apply for the following types of non-prime loans:
Hard money loans
If you do not qualify for a traditional prime or subprime loan on the property you wish to purchase, you may be eligible for a Los Angeles hard money loan. A hard money loan is secured by the value of the property.
Stated income loans
When you apply for a traditional mortgage, you need to provide proof of your income in the exact amount before you can be approved. While this is often straightforward, there are situations where providing this proof may act as a barrier to getting a loan and where a stated income loan can help.
Bridge loans
If you need to cover an interval between two transactions (you might be purchasing one property and selling another), a bridge loan can allow you to do so.
Bad credit loans
You may find yourself in a situation where you are ready to purchase a home, but your credit score does not qualify you for a prime loan. A bad credit loan may be the answer.
Need Los Angeles Subprime Lending? Pacshores Mortgage Can Help
Even if you are not eligible for a Los Angeles prime loan, you may qualify for a non-prime loan in L.A. county. Contact Pacshores Mortgage today at
We can consult with you about your financial situation and goals, and help you to find a non-prime loan with a competitive interest rate and friendly terms.