Posted by Shawn on March 21, 2000 at 24:03:53:
Sub Prime simply means less than prime. You will be given a less than prime rate when you do not qualify for the best rates that you hear advertised all the time. It may be because your credit is not good enough or your income is to low for your amount of debt, or you have not been on your job long enough etc…
A hard money loan will be a loan for a short period of time. A sub-prime loan can be up to 30 years.
Sub-prime is also known as non-conforming. Non-conforming simply means that the loan did not conform with Fannie Mae/Freddie Mac guidelines.