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Teresa Board…, Real Estate Pro in Saint Paul, MN

As a Real Estate Agent, what should I know about subprime homebuyers?

Asked by Teresa Boardman, Saint Paul, MN Thu May 17, 2007

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The only real concern you should have is two-fold. The answer shouldn't surprise you: (1) zero-down loans for subprime borrowers are dissappearing (2) stated-income loans, for subprime borrowers, are dissappearing. I say this shouldn't surprise you because it's common sense. People with spotty credit, with no money in the deal or without a demonstrative ability to repay the loan are bad risks.
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2 votes Thank Flag Link Fri May 18, 2007
In this market, with stricter lending rules, subprime homebuyers may need to rethink their price range and homebuying options. I think having the potential buyer discuss his situation with a reputable lender would be a powerful first step.
2 votes Thank Flag Link Thu May 17, 2007
Kaye Thomas, Real Estate Pro in Manhattan Beach, CA
With the market being what it is now. As a subprime buyer it definitely is harder for them to purchase a home. Most of them will now need 10-20% down. There are exceptions of course but the more money they have to put down the better the chance they can get into a home.
I do loans in MN and would love to help you

Mark Miller
Providential Bancorp
2 votes Thank Flag Link Thu May 17, 2007
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