Jumbo Refinance Mortgages from Sub Prime Lenders for Borrowers with Bad Credit

Conforming loans are known as "A" loans. These are loans that are funded by Fannie Mae (FNMA) and Freddie Mac (FHLMC). Jumbo loans are loans that exceed the maximum limit funded by Fannie Mae and Freddie Mac (currently $417,000 for single family homes). Jumbo loans, bad credit mortgage loans and any other type of non-conforming loan are known as "B" loans. "B" loans are more typically referred to as sub-prime loans which are underwritten by sub-prime lenders. Because sub-prime lenders don't have to follow conventional underwriting rules, they have more latitude in lending practices. As a result, even if you have low credit scores, you may still be able get a jumbo refinance loan for your large mortgage at near conventional rates.

Preferred Loan Type Select ---------------> Mortgage Refinance Cash Out Refinance Home Equity New Home Purchase Property Type Select One-----------> Single-Family Detached Condominium Cooperative Multi-Family Dwelling Modular Mobile Home (Moveable) Manufactured Home Property Value Select One-----------> 1st Time Buyer 70,000 - 80,000 80,000 - 90,000 90,000 - 100,000 100,000 - 110,000 110,000 - 120,000 120,000 - 130,000 130,000 - 140,000 140,000 - 150,000 150,000 - 160,000 160,000 - 170,000 170,000 - 180,000 180,000 - 190,000 190,000 - 200,000 200,000 - 210,000 210,000 - 220,000 220,000 - 230,000 230,000 - 240,000 240,000 - 250,000 250,000 - 260,000 260,000 - 270,000 270,000 - 280,000 280,000 - 290,000 290,000 - 300,000 300,000 - 310,000 310,000 - 320,000 320,000 - 330,000 330,000 - 340,000 340,000 - 350,000 350,000 - 360,000 360,000 - 370,000 370,000 - 380,000 380,000 - 390,000 390,000 - 400,000 400,000 - 410,000 410,000 - 420,000 420,000 - 430,000 430,000 - 440,000 440,000 - 450,000 450,000 - 460,000 460,000 - 470,000 470,000 - 480,000 480,000 - 490,000 490,000 - 500,000 500,000 - 510,000 510,000 - 520,000 520,000 - 530,000 530,000 - 540,000 540,000 - 550,000 550,000 - 560,000 560,000 - 570,000 570,000 - 580,000 580,000 - 590,000 590,000 - 600,000 600,000 - 610,000 610,000 - 620,000 620,000 - 630,000 630,000 - 640,000 640,000 - 650,000 650,000 - 660,000 660,000 - 670,000 670,000 - 680,000 680,000 - 690,000 690,000 - 700,000 700,000 - 710,000 710,000 - 720,000 720,000 - 730,000 730,000 - 740,000 740,000 - 750,000 750,000 - 760,000 760,000 - 770,000 770,000 - 780,000 780,000 - 790,000 790,000 - 800,000 800,000 - 810,000 810,000 - 820,000 820,000 - 830,000 830,000 - 840,000 840,000 - 850,000 850,000 - 860,000 860,000 - 870,000 870,000 - 880,000 880,000 - 890,000 890,000 - 900,000 900,000 - 910,000 910,000 - 920,000 920,000 - 930,000 930,000 - 940,000 940,000 - 950,000 950,000 - 960,000 960,000 - 970,000 970,000 - 980,000 980,000 - 990,000 990,000 - 1,000,000 1,000,000 - 1,010,000 1,010,000 - 1,020,000 1,020,000 - 1,030,000 1,030,000 - 1,040,000 1,040,000 - 1,050,000 1,050,000 - 1,060,000 1,060,000 - 1,070,000 1,070,000 - 1,080,000 1,080,000 - 1,090,000 1,090,000 - 1,100,000 1,100,000 - 1,110,000 1,110,000 - 1,120,000 1,120,000 - 1,130,000 1,130,000 - 1,140,000 1,140,000 - 1,150,000 1,150,000 - 1,160,000 1,160,000 - 1,170,000 1,170,000 - 1,180,000 1,180,000 - 1,190,000 1,190,000 - 1,200,000 1,200,000 - 1,210,000 1,210,000 - 1,220,000 1,220,000 - 1,230,000 1,230,000 - 1,240,000 1,240,000 - 1,250,000 1,250,000 - 1,260,000 1,260,000 - 1,270,000 1,270,000 - 1,280,000 1,280,000 - 1,290,000 1,290,000 - 1,300,000 1,300,000 - 1,310,000 1,310,000 - 1,320,000 1,320,000 - 1,330,000 1,330,000 - 1,340,000 1,340,000 - 1,350,000 1,350,000 - 1,360,000 1,360,000 - 1,370,000 1,370,000 - 1,380,000 1,380,000 - 1,390,000 1,390,000 - 1,400,000 1,400,000 - 1,410,000 1,410,000 - 1,420,000 1,420,000 - 1,430,000 1,430,000 - 1,440,000 1,440,000 - 1,450,000 1,450,000 - 1,460,000 1,460,000 - 1,470,000 1,470,000 - 1,480,000 1,480,000 - 1,490,000 1,490,000 - 1,500,000 Over 1,500,000 Credit Rating Select One-----------> Excellent Good Fair Poor Email

Why Refinance with a Sub-prime Jumbo Loan? If you currently own a home, have equity, and need to consolidate and pay off credit card bills, collections and other loans, you can do a cash-out or debt consolidation refinance. How much equity do you have? The way a lender determines that is to calculate your home's loan to value (LTV), which is the appraised value of your house minus the principal balance of your first mortgage. A refinance would allow you to pay off debt and get a fresh start, while saving a lot of money over high credit card interest rates. On top of that, up to 100% of the interest you pay could be tax deductible.

You may also be able to cash out your equity with a home equity loan (second mortgage). For second mortgages, lenders determine the equity by how much your home's combined loan to value (CLTV) is. This is different from the LTV in the respect that the principal balances from ALL mortgages (typically 1st and 2nd) are subtracted from the property's appraised value. Once again, you could end up saving a lot of money with the lower interest rates you'll be paying and the interest you pay may be up to 100% tax deductible.

Refinancing to consolidate and pay off debt is an excellent way to raise your FICO credit scores. According to myfico.com, taking steps to improve your FICO scores can help you qualify for better rates from lenders. So, once your credit scores improve, you could refinance your first or second mortgage again for a better rate.