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What are Subprime Lenders and Subprime Mortgages?
Although the word "subprime" is usually a prefix for lenders and mortgages, it actually has more to do with borrowers. Specifically, subprime lending provides a set of lending instruments available to folks who cannot otherwise qualify for conventional financing.
Most simply, subprime lending involves borrowers that can't otherwise qualify for conventional mortgages (or even loans from government-sponsored entities) usually because of LESS THAN PERFECT credit or DIFFICULT TO PROVE income or both.
However, advocates of subprime lending (which is known more positively as "second chance lending") argue that such loans are an opportunity to get mortgages for those that typically couldn't become homeowners.
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