Looking for new business?

by Jamie Henry13 Jun 2016
Since the financial crisis that saw many homes foreclosed and house prices crash, one market sector has been almost ignored as we look for new business. That sector, the non-prime borrower is big, hungry for loans, and most are nothing like the borrowers that  drove the huge housing asset bubble of the last decade.
 
Recent figures  from Cooperation for Enterprise and Development (CFED) show that MOST Americans have less than prime credit – only 48.9% of potential borrowers score above 720 points.
 
With funding becoming more and more readily available, there are millions of borrowers looking for the opportunity to buy their homes -  and pressure is mounting as they see house prices first stabilize and then start to climb.
 
“People don’t want to miss the boat” said John Macguire, Editor at Which Mortgage. “They’re getting over the fears that the bubble bursting created and soon they’ll be more scared that they’ll miss the opportunity to get a home at an affordable price”
 
And even as last year closed, figures showed that demand for non-QM loans was rising – are you doing enough to make you get your share of what could be a boom business?
 
How does your state stack up?
 
US states by % of population with prime credit rating
 
United States 48.9% Position
Vermont 59.8% 1
Wisconsin 59.7% 2
Minnesota 59.4% 3
North Dakota 59.3% 4
South Dakota 59.1% 5
Nebraska 57.3% 6
Iowa 57.2% 7
Massachusetts 57.2% 7
New Hampshire 57.2% 7
Montana 57.0% 10
Hawaii 56.9% 11
Washington 56.4% 12
Connecticut 56.2% 13
Wyoming 56.1% 14
Colorado 55.8% 15
Utah 55.6% 16
Pennsylvania 55.2% 17
Maine 55.0% 18
Oregon 54.6% 19
Kansas 53.8% 20
New Jersey 53.8% 20
New York 53.0% 22
Alaska 52.5% 23
Idaho 52.4% 24
Rhode Island 52.2% 25
Virginia 51.4% 26
Illinois 51.2% 27
California 50.1% 28
Ohio 50.1% 28
Delaware 49.5% 30
Maryland 49.5% 30
Michigan 49.5% 30
Missouri 49.3% 33
Indiana 49.2% 34
District of Columbia 49.1% 35
Arizona 45.7% 36
West Virginia 45.7% 36
Kentucky 45.4% 38
North Carolina 44.8% 39
New Mexico 43.9% 40
Tennessee 43.6% 41
Arkansas 43.2% 42
Florida 43.0% 43
Oklahoma 42.8% 44
Alabama 40.7% 45
South Carolina 40.4% 46
Texas 40.1% 47
Nevada 39.4% 48
Louisiana 39.2% 49
Georgia 38.1% 50
Mississippi 35.0% 51

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