Non-Prime Lending

Non-Prime is a term for loan types that do not fit into the restraints of government lending standards known as Prime, Agency, or A-Paper Lending and defined as Qualified Mortgages.

Non-Prime loans are for borrowers who are on their way to Prime but need a little help before they qualify. Non-Prime loans characteristically are made to borrowers who have had past income and/or credit events that prevent them from obtaining a Prime loan. A Borrower seeking a Non-Prime loan can use alternative documentation to qualify in the form of Bank Statements, Liquid assets, and other forms of income not typically accepted by government lending criteria.

Additionally, Non-Prime loans will allow Foreclosure(s), Bankruptcy(ies), Short Sales, late payment(s), collection(s), charge off(s), etcetera. Non-Prime Loans usually have increased rates of interest and costs for providing access to capital while providing the ability to participate in the economy and housing market.

At BlackRock Home Loans we realize not everyone has perfect credit and we understand life happens. Additionally not everyone can document their income in the narrow definition that government loans require. BlackRock Home Loans allows borrowers with a rougher than usual credit history to quality for loans with terms that are fair and meet government lending criteria for Ability to Repay and government fee limitations.