In spite of the meltdown that subprime was involved in In 2008, subprime appears to be back. Quietly. Essentially, those with credit scores below 680 will be in the subprime category. Those with credit scores between 680 and 739 for prime and those above that score qualify for super prime. Those classifications reflect the kind of risk that is involved with the individuals whose credit scores are reflected here.
A number of banks, including Wells Fargo and Bank of America, offer what is essentially subprime under different names. These loans allow people who have poor or no credit to qualify – and with 3% or less of the purchase price. And the Federal Government is in on this, which in essence means that the taxpayer coughs up money when loans go bad. Interesting times!