Following the disastrous subprime mortgage crash in 2008, non prime lending become nearly extinct. Fortunately, the non-prime mortgage market has slowly been making a comeback. Between 2014-2015, the market started to thaw out a little bit, and as of 2022, many non-prime mortgage products now exist.
Many wonder if the type of pre-recession mortgage products will ever comeback, but that is highly unlikely to occur…and for good reasons! The subprime mortgage products of the early 2000s proved to be both careless and damaging. The new non-prime loan products that exist now are slightly more conservative. Fortunately though, there are finally some sensible loan products available for people with lower credit scores, other credit issues, and also self-employed borrowers.
The consumer demand for non-prime loan products is quite high. And on the other end things, we know for certain is that there is an immense amount of investor interest in the non-prime mortgage products coming out.
The future of non-prime loan products is impossible to determine, but we see a lot of progress in financing becoming available to worthy borrowers who have been shut out of the mortgage marketplace for quite some time now.
If you would like to see if you qualify for a mortgage, prime or non-prime, please get in touch with us today!