Sub prime FAQ (Frequently Asked Questions) & Answers Question: What kinds of properties qualify for you sub prime loan products? Answer: At Nationwide Sub Prime, we do all types of loans for all types of loans for all types of properties, including but not limited to single family residencies, investment properties, town homes, manufactured homes, condominiums, 2 to 4 units, non-owner, leased land, and/or rural properties. Question: I'm interested in debt consolidation. Can Nationwide Sub Prime help me? Answer: Yes, Nationwide Mortgage can offer you a loan which eliminates high credit card interest and lowers your overall interest rate while bringing any past-due balances current and even increasing your mortgage interest tax-deduction. For more information, check out our Refinance loan! Question: If I choose debt consolidation, how do my bills get paid by the loan? Answer: Your bills will be paid in escrow using your most recent charge statements. Question: Do you have to pay all my bills off? Answer: Under our program guidelines, we only pay off the bills which you specify. Question: Do I have to pay off my property taxes, IRS liens, judgments, collections, or child support to get my loan? Answer: We will pay these amounts only when it is determined to be necessary by our program guidelines. Question: Are there any loan programs for the self-employed? Answer: We have excellent programs for the self-employed. We offer both Stated Income and Low Doc loan programs. Our Stated Income programs requires no income documentation, while our Low Doc loan program offers a variety of solutions for those who qualify. All of these programs make it possible for those either without adequate documentation or who do not wish to document their income to secure mortgage loans. Question: Do you work with people who have credit difficulties such as late payments, collections, judgments, bankruptcies or even foreclosures? Answer: We offer many loans for people who are in difficult financial situations. Our loan programs are designed to provide customers with flexibility. We work hard at finding a loan program appropriate for all of our customers. Question: How long does it take for negative credit to drop off? Answer: Most credit information remains on a credit report from seven to ten years unless you take steps to have them removed. If your credit is less than perfect, don't worry! We offer many great loan products for those who want to repair their credit. Question: How much do I need for the down payment to buy a home? Answer: Down payments can usually be as low as 10% of your home's purchase price. Our guidelines even allow for down payment to be as little as half of that amount depending upon your qualifications. A gift from a family member can qualify as your down payment, as can secondary financing from the seller or another lender. Question: Why do I need an appraisal? Answer: All new home loans need current information regarding the homeowner and their property. The new appraisal will ensure that we are basing our loan on the current value of your property and providing you with the best program and pricing. Question: What is a FICO Score? Answer: FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its pioneering work with credit scoring in the late 1950s, and since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation.