November 22, 2024 5:05 am
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In home loans, subprime fades as a dirty word

Dirty-WordBy Shaila Dewan

CALABASAS, Calif. — Martin and Cindy Arroyo knew they were not ideal candidates for a home loan.

She had gone through a foreclosure after losing her job, and he was finishing his M.B.A. and had not yet found his current position. But they had managed to put together a down payment of more than $550,000, or three-quarters of the asking price for a four-bedroom house in Los Gatos, and thought they would find a bank willing to lend the rest. They didn’t.

So the Arroyos found an alternative: a subprime mortgage.

Continued:

If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com

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