Poor Credit and Difficult to prove Income Mortgages still get good rates

We call these non conforming or B deals.
Example, the bank wont approve you because you have a low Beaon score on your credit and some late payments. Or, you are self employed and don't show enough income.
My B Lenders offer rates for deals like this between 3.70% and 5.00% The average  rate for a 2 year term is about 4.50%. The higher rate offsets the risk the Lender feels they take on with income or credit challenges.

 Not bad when you consider anything under 5% would be thought of as a good rate in the last 10 years.

I usually place clients with these challenges in a 2 year mortgage. The hope is that during this 2 year term, the client will be able to repair their credit or get their 2 years NOAs from their business.
At that point we can move the deal back into an A deal at prime rates.

Bob