What people don't realize is that most brokers and many lenders do not do FHA loans because they are not HUD approved. As a result many Loan Officers will take their clients the Conventional Subprime route to get the loan done. What's wrong with this you may ask yourself?
The answer to that question is simple, it could mean the difference between a 9% interest rate on a fixed rate ARM to a 6.5% interest rate on a 30 year fixed rate note.
Moral of the story, make sure you can not get approved FHA before going Subprime.
Mortgage Lic
NMLS: 295626
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