What Is Considered Subprime
Subprime (Credit Scores of 580-619) Near-Prime (Credit Scores of 620-659) Prime (Credit Scores of 660-719) Super-Prime (Credit Scores of 720 or Above)What...
Subprime (credit scores of 580-619) Near-prime (credit scores of 620-659) Prime (credit scores of 660-719) Super-prime (credit scores of 720 or above)
What qualifies as subprime?
Experian defines subprime borrowers as those with a FICO® Score☉ in the fair range, between 580 and 669. FICO® Scores in this range are below average when compared with all U.S. consumers, and borrowers with fair scores are statistically more likely than the average borrower to fail to repay their creditors.
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What are examples of subprime loans?
- Interest-Only Mortgages. Consider, for a moment, how a conventional mortgage works. …
- Dignity Mortgages. …
- Negative Amortization Loans. …
- Balloon Loans. …
- Adjustable Rate Mortgages (ARMs)
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