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An Alt-A mortgage, short for Alternative A-paper, is a type of U.S. mortgage that, for various reasons, is considered riskier than A-paper, or "prime", and less risky than "subprime," the riskiest category. For these reasons, as well as in some cases their size, Alt-A loans are not.
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The general rule of thumb with any type of subprime / Alt-A type of loan program – it will require a higher down payment than conventional loans – but it will vary by lender. Find A Subprime Mortgage Lender. Finding a subprime mortgage lender in 2018 is easy – you can start right here.
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Alt-A Loans Details Last Updated: Friday, 03 August 2018 There are prime loans, subprime loans, and somewhere in between is the Alt-A loan. This type of mortgage is considered riskier than an A-paper loan (prime), but not quite as risky as a subprime loan; which is generally considered the riskiest type of mortgage a lender can write.
Though an Alt-A mortgage loan poses more of a risk to the lender than a prime mortgage loan, the borrowers behind these loans are usually reliable. Alt-A mortgage borrowers have good credit scores and may only be lacking proper documentation of their income.
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. because home buyers were inflating their income levels without proof to qualify for larger loans under the alt-A guidelines. Mortgage lenders were happy to sell alt-A loans due to the higher rates.
“It’s not only the home buyers, it’s the real estate agents, the home builders, the mortgage lenders. It’s even the household.
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