Poor Mortgage Candidates
The mortgage industry can be separated by two basic segments, the prime and sub-prime. The prime segment is generally those with good credit, credit scores above 600, a few assets, a steady income, and control over their expenses. They can afford a monthly mortgage payment without too much trouble and are in a good financial position. The sub-prime segment is characterized by bankruptcy, foreclosures, heavy debt, defaulting credit payments, repossessions, unsteady income, expenses greater than income, a credit score less than 500, and any other financial downfall that could negatively affect your situation. If you have any of these characterizations, then you are a poor mortgage candidate.