Advantage Mortgage believes that everyone should have the opportunity to take part in the American Dream of homeownership. But, unforeseen circumstances such as illness, divorce, job cuts and many others can create credit challenges for potential borrowers. These credit challenges can make homeownership a very difficult goal to obtain. We have the programs that will get you into a home even if you have poor credit.

Below are just two programs that may help you achieve homeownership:

What is a 2/28?
This is a loan program that is fixed for two years then becomes an adjustable rate mortgage or an ARM. It has significantly lower rates than a 30-year fixed sub-prime loan. The subprime market is where poor credit borrowers and, sometimes, not- so-poor credit borrowers can get the loans they need without having to meet the prime market’s stringent requirements for income, assets, down payment, mortgage insurance, and credit.
What is the key benefit?
The key benefit of this loan is that it allows a borrower to be a homeowner while she repairs her credit instead of becoming a homeowner after she repairs her credit. At the end of the 2-year fixed period, the borrower would refinance for a better rate or program because she now has 24 months of on-time mortgage payments along with an improved credit score.

What is a 3/27?
This loan is very similar to the 2/28. The difference is that is it fixed for 3 years and then becomes an adjustable rate mortgage.