The subprime market is just about gone when it comes to home loans. I've even said it before on the site that the subprime market will cause problems with the prime market.
How you ask! In the last couple of months banks have cut out prime programs. Lets say you have a 850 mid fico and cant prove your income so you need to go stated. After today B of A will turn you away.
Most bank will not do 80/20 loan anymore or 100% Combined Loan To Valve. The good news is if you have a 575 Fico you can still do a 100% loan. The reason 575 is the min is because there is only one company left that will give PMI to borrowers as low as 575.
Now if you have the 575... Don't jump up and down yet!!! Need to ask yourself why you have a 575? If it's things in the past but now thing are looking up and the only thing about you subprime is your score. Now your good to go for that 100 percent loan.
Most loan officers are going to to be out of a job soon and mostly because they are looking out for there own pocket. The other reason is that the broke shop or company will be closing there doors soon. My point is shop around!!
Find a loan officer that is trying to save you money and get you a good deal. Remember at 100 percent you will have PMI. You can take an 8 hour class and get the PMI cut in HALF in most cases!! Not all bank will take that class but a good loan officer would know where to take your loan to.
Back ground on me....
I do mostly new home purchases from Lending Tree but I've done tons of refi's in the past. There are only 3 companys that have a 5 star rating with Lending Tree and I'm one of them. I am a bank that shops with other banks. The bank I work for still has over 800 programs and I still take loans to other banks to save my borrower money or get that lower PMI. Yes I'm a broker/loan officer or what ever you want to call me. I know loans and I know when some one gives bad advice!
I'm not on here because I need you to PM me for a home loan but that would be nice! My goal here is that I can help people get in to that new home.
SHOP AROUND AND DO WHATS BEST FOR YOU! GOOD LUCK!!