Michigan Sub-Prime Mortgage Loans

Sub-prime Loan
These types of loans are outside Fannie Mae and/or Freddie Mac guidelines. Reason is, less than perfect credit, income issues or situation, unique (collateral) property, and many other reasons.

Our mission at Inter-Lake Mortgage Company, LLC is to provide our customers with the best possible loan, rate, regardless of their past credit history. Inter-Lake Mortgage Company, LLC is committed to making you feel like a person, not a number. We listen to your needs and we provide results that fit your circumstance. See our Second Chance Loan

Inter-Lake Mortgage Company, LLC has specialized in sub-prime loans since 1992 when these types of loans were first offered by lenders. A sub-prime loan is graded differently according to each lender's underwriting guidelines. The grades are mostly A, B, C, and D. The grade is determined by:

• Credit (FICO score) mortgage late payments (30, 60, 90 days) in the past 12 or 24 months
• Type of bankruptcy (7 or 13) and/of foreclosure in recent years.
• High debt to income ratios (42%, 45%, 50%, 55+%)
• No Income and/or Asset documentation
• Less than 20% equity (without PMI insurance)
• Cash out to borrower
• Lack of reserves (less than 2 months PITI)
• Unique Collateral
• Lack of down payment - Purchase only

A lot of borrowers will choose the ARM loan to help clean up there current situation and refinance in a few years for a better interest rate and/or term.

Look at the programs we offer for those with less than perfect credit credit debt consolidation to No Income Verification, our loan programs are designed to give you the best possible mortgage loan. With these types of loans we help with improvement or fix your credit.

Interest rate is based on grade (risk base pricing). ARM loans are lower than fixed rate loans so you may want to consider this option.. These types of loans are to get you back on your feet, so you can get that prime mortgage rate all borrowers need.

Some time in most everyone's life there is going to be a financial situation that is out of their control.

• Medical
• Job loss
• Divorce
• High debt load
• and many others

Inter-Lake Mortgage Company, LLC
is here to help you get back on the right track and help you with burdens you are having with your current situation.

Your debt to income level, employment history, type of property and assets are other factors that are taken into consideration when determining what type of loan you qualify for.

Whether for a purchase or refinance, less than perfect loans should typically be used as a short term solution, approximately 2-3 years. During that time, you can work to clear up your credit and qualify for a refinance into a lower risk, lower rate mortgage.