Imperfect Credit Program

For Those with Less-Than-Good-Credit loans that do not meet the credit requirements are referred to as B, C and D paper loans. Loans of this type are made to applicants who have filed for bankruptcy, foreclosure and who generally have bad credit.

These loans are temporary loans, until the applicant can qualify for conforming "A" loans. The interest rate on B/C loans varies, but is generally higher than conforming "A" loans.

Advantages
. Potential for reestablishing credit if you pay your mortgage on time.
. When used for debt consolidation, you may be able to reduce your monthly debt payment.

Disadvantages
. Higher rates
. Terms may not be as favorable.
. Harder to get long term fixed loans.
. Loans may have prepayment penalties.