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Sub-Prime Loan
sub-prime loan
“B” Loan or “B” paper with FICO scores from 620 – 659. “C” Loan or “C” Paper with FICO scores typically from 580 to 619. An industry term to used to describe loans with less stringent lending and underwriting terms and conditions. Due to the higher risk, sub-prime loans charge higher interest rates and fees.
Source: U.S. Department of Housing and Urban Development