Subprime mortgage lenders

Top 12 Subprime Mortgage Lenders for 2023 – Subprime Loan Programs

Subprime mortgages are available again in 2023 after they almost completely disappeared immediately following the housing crisis a decade ago. Today, many niche subprime mortgage programs are available to suit your needs. Programs to help the self employed, individuals with bad credit, no down payment, bankruptcies, foreclosures, and more. If you have had trouble finding financing, then we can help you.

We have developed a network of lenders who collectively have all of the subprime loan programs needed to finance or refinance your home. We will take you though some of the subprime mortgage programs and what our lenders have to offer.

Please fill out our loan scenario form and based upon your personal loan criteria we will get back to you with some mortgage options for you to review without pulling your credit.

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What is a Subprime Mortgage?

Conventional mortgages and some government loans have strict credit requirements to qualify for one of those mortgage programs. When a borrower has extremely poor credit, or a recent credit event subprime mortgage lenderssuch as a bankruptcy, foreclosure or a short sale, then they cannot qualify for a conventional mortgage and their option will likely be a subprime mortgage.

Subprime mortgages are also for self employed individuals who cannot qualify using tax returns due to a low net income after write offs. If this applies to you, then read our article on self employed mortgage options.

List of Subprime Mortgage Lenders

Below is a list of the top subprime mortgage lenders in no particular order. Between them all, we can help you with your loan no matter what it is and in any state.

1. Carrington Mortgage Services

Carrington offers many of the standard loan programs such as FHA, Conventional, VA, and USDA. Some of their subprime mortgage programs include low credit scores, high debt to income ratios, foreclosures, bankruptcies, short sales, and of course bank statement loans for self employed borrowers. However, they also offer two unique programs called Carrington Advantage and Carrington Advantage plus. These programs offer the following benefits:

  • Credit scores as low as 500
  • Loan amounts up to $2 million
  • Cash outs up to $750,000
  • Bankruptcies, foreclosures and short sales are okay
  • Bank statements for income verification for self employed borrowers
  • No mortgage insurance (PMI)

2. FNBA – First National Bank of America

At FNBA, they also offer many of the standard loan programs such as FHA, Conventional, VA, and USDA. Some of their subprime programs include low credit scores, high debt to income ratios, foreclosures, bankruptcies, short sales, and of course bank statement loans for self employed borrowers. Some additional details are as follows:

  • Bankruptcies or foreclosures with 15% down
  • Bank statement loans 15% down and gift funds allowed
  • Unique properties such as land with mobile homes, mixed use properties also with just 15% down
  • ITIN loans with tax ID and no social security number 15% down

3. Angel Oak Mortgage Solutions

Angel Oak offers a 12-24 month Bank statement loan, portfolio loans, bankruptcies, asset depletion, 1 yr tax return programs, high DTI, and investor cash flow loans. Their bank statement mortgage program is great for  self-employed borrowers who cannot document their income with tax returns.  Their subprime programs have some of these feature and benefits:

  • 90% LTV on personal and business
  • 50% DTI with scores as low as 600.
  • No Mortgage Insurance
  • No tax returns needed
  • 12 months personal bank statements and 24 months for business statements
  • Credit scores as low as 600
  • Loan amounts up to $3 million
  • Second homes and investment properties are also okay
  • foreclosures, bankruptcies and short sales with 2 year seasoning

4. North Star Funding

North Star Funding is a northeast based company that offers a whole array of products. They are licensed in about 20 states right now but are adding more. In addition to all of the standard loan products, they also offer some of these niche subprime mortgage programs:

  • Financing for Foreign Nationals
  • Investment Coop loans
  • 1 Year Tax Return program
  • Rental Income Loan
  • 12-24 month bank statement loans
  • Asset Depletion Loans
  • Non Resident Alien Loans
  • Work Visa or ExPat Loan program
  • FHA with credit scores as low as 500

5. JMAC Lending

JMAC lending offers all of the traditional loan products and also those niche programs subprime mortgages that you are looking for. They opened for business over a decade ago and have been funding loans with some of these creative programs since then. Some of the important features of their programs are as follows:

  • Newport – A flexible jumbo product that has a 40 year fixed term, up to $2.5 million, 95% LTV, no mortgage insurance, scores as low as 600, and cash back up to $2.5 million.
  • Newport Streamlined – Reduced documentation,  40 year interest only available for a lower payment, Max DTI of 45%, Documentation based upon DU findings, Gift funds allowed, business funds and foreign assets also allowed.
  • Venice – For self employed, foreclosures, short sales, or loan modification borrowers. Interest only available, bank statements of 6-12 months, DTI up to 50%, unlimited cash out, asset depletion available, gift funds allowed, and Foreign nationals allowed.
  • Zuma – This is for those difficult credit situations and approvals are based upon 12 or 24 months of bank statements. No seasoning needed for bankruptcies, only 2 months reserves needed, maximum DTI is 55%, Loan amounts from %75k – $5M, and non-occupant co-borrowers are allowed.
  • Sunset – This is for investors with loans up to $5M. No 4506T tax document needed, fixed and arm products, interest only available, Foreign Nationals, VOD permitted, 1-4 units with unlimited cash out, no ratio and no reserves.

Citadel is a lender that offers various subprime loan options including bank statement loans up to 90LTV and low credit scores too. They will also work with bankruptcies and foreclosures. They operate in all 50 states. Here are three of their popular loan programs:

  • Non Prime Wholesale – Up to 90% LTV, no seasoning on credit events, scores down to 500 and also loan amounts up to $5M
  • Maggi Plus – 90% LTV and 2 years from a credit event, no prepayment penalties, interest only available.
  • Outside Dodd-Frank – Non Owner Occupied or business available, no income verification, foreign national okay and no prepayment penalties.

7. Athas Capital 

Athas Capital is no longer in business – please complete this short scenario form and we will match you with the best lender.

Athas Capital is a creative subprime lender who offers the following unique programs in addition to all of the standard programs:

  • Non-Prime Owner Occupied – ANY Credit score is ok, Alternative documentation, $50k – $7M, Fixed and ARM programs, DTI up to 55%, LTV up to 95%, gift funds are ok, foreclosures, no reserves, foreign nationals, and lease options are just some of the features offered here.
  • Non-Prime No Owner Occupied – This is to refinance investment properties up to 4 units. No income verification, 80 LTV, no ratios calculated, loan amounts up to $5M, interest only and gift funds available.
  • Fix and Flip – A great program for flipping houses. No income verification, LTV up to 75%, 12 month term, no prepay penalties, loan amounts up to $2M, credit scores as low as 500, and you must show a proven history to rehab properties.

8. Quicken Loans 

Quicken offers all of the traditional products including investor programs. The extent of their subprime loan offerings is their ability to work with some lower credit scores. They are not offering bank statement loans or any of the other creative programs that you see here from the other lenders. As a result, this is a less than optimal option for you.

9. JG Wentworth Home Lending

JG Wentworth offers all of the standard loan programs such as FHA, Conventional, VA, and USDA. Some of their programs include low credit scores, high debt to income ratios, foreclosures, bankruptcies, and short sales. They have fewer subprime options available vs some of the other lenders that we reference here. They also have interest only loans, HARP, investor and more. Based upon your submission on our form, we will determine whether JG Wentworth is the right lender for you.
Oak Tree is a smaller lender operating in just a few states. The offer some unique programs like hybrid ARMS, interest only, graduated payment loans where the payment starts small and then gradually increases over time.
They offer a Platinum Plus program which is a bank statement loan with an LTV up to 95% but this program requires credit scores starting at 720. Oak Tree offers other programs for individuals with low credit scores, one day out of bankruptcy and more. Complete our form here online and we will determine whether Oak Tree makes the most sense for you based upon your scenario.

Caliber originates loans in all 50 states. They specialize in subprime loan programs for borrowers who do not qualify for conventional loan products. Caliber will work with you if you have a bankruptcy or foreclosure with a program called the Fresh Start Program. They allow for lower credit scores and down payments as low as 15%. You can finance your dream home up to $1 million.

12. Green Box Loans, Inc

Green Box offers a few interesting niche subprime mortgage programs. They have bank statement loans, programs for individuals with foreclosures, investor, no employment, and even ITIN loans. Below are a few examples:

  • 12 months bank statements up to $2,500,000
  • 24 months bank statements up to $2,500,000
  • Non-prime full documentation loans up to $2,500,000
  • Investor loans with no income verification up to $2,000,000
  • Foreign National full documentation loans up to $2,000,000
  • ITIN full documentation loans up to $600,000

Still have questions? Contact us for a free consultation.

Pros and Cons of a Subprime Mortgage


  • Recent bankruptcies or foreclosures accepted
  • Credit scores down to a 500 FICO allowed
  • Self employed can qualify without supplying tax returns
  • Rates can still be competitive despite having credit or documentation issues
  • These programs often do not have PMI even with less than 20% down


  • Most lenders do not offer these options
  • Although competitive, the rates are higher than conventional or government loans
  • Some subprime loans may have higher closing costs

For the most part, the pros outweigh the cons and a subprime mortgage can be a great option for you if you have less than perfect credit.

Subprime Loans for Bad Credit

If you have bad credit and a recent bankruptcy or foreclosure, there are subprime loan options for you but with a much larger down payment. Subprime lenders will look for the larger down payment due to the risk tied to your recent credit event. Lending guidelines for subprime loans are changing so contact us to see what is available to you.

If you have bad credit but without a bankruptcy, you can get an FHA loan with credit scores as low as 500. The down payment will only be 10% if your scores are under 580.

If you need help finding a subprime loan with bad credit, then contact us and we will help.


Subprime mortgages have become extremely popular with many borrowers today due to credit or income documentation challenges. There are some nationally licensed quality subprime lenders today who can help with your mortgage. Over time, if your credit improves and rates are low, you can always refinance if needed since these mortgages also have no prepayment penalties.

Let us help you to find the best subprime mortgage lender for your personal loan scenario.

Click to speak with a Subprime lender who can help.

Subprime Mortgage Related Questions

What credit score is considered to be subprime?
Typically any credit score below 620 is considered to be subprime. In the past if you had scores below 620 then you were not finding a mortgage. Today, there are plenty of options.

Can I get a subprime loan if I have a bankruptcy or a foreclosure?
Yes, this is exactly why subprime loan programs are created. The down payment requirement will change depending upon how long ago your bankruptcy or foreclosure happened.

Do subprime mortgages have higher interest rates?
Subprime mortgages often do come with higher interest rates but not too much higher. The subprime lenders have done a good job of being able to keep the interest rates competitive. In addition to your credit scores, one of the main factors in determining your rate is your down payment amount. We suggest reading this helpful article on saving for a down payment by Luke Skar.

The best way to know what your rate will be is to complete our contact form. It will ask some basic questions that will help our lenders to figure out what your rate will be.

What is a subprime mortgage?
Subprime mortgages are loans for individuals who do not qualify for a conventional loan due to credit or other financial reasons. More people are falling into the subprime category than ever before.

Are subprime loans safe?
The subprime lenders have created the programs now to protect both the lenders and the borrowers. They are also federally approved lenders and they are absolutely safe.

Are subprime mortgages available for first time home buyers?
Subprime mortgages are available to first time home buyers.  These mortgages are available for everyone as long as you have a social security number and can meet the qualifications.

Are subprime mortgages available for self employed individuals?
Subprime mortgages are now available and many offer bank statement loans as their subprime option. The bank statement loan has become the primary self employed mortgage program.

Are subprime loans illegal?
No, subprime loans are are not illegal at all. They are here to stay and these programs are helping thousands of business owners every day.

What is a Non-QM mortgage loan? Non-QM means non qualified mortgage. If the loan does not meet conventional standards, then it is a Non-QM mortgage.

Which mortgage companies deal with bankruptcies?
Subprime lenders will provide mortgages for individuals who have a recent bankruptcy while traditional and government lenders will require a minimum of a two year waiting period.

What is it that makes mortgages subprime?
Mortgages that allow for poor credit or a recent credit event such as a bankruptcy, foreclosure or short sale are what would make mortgages subprime.

We are able to help you to find a bank statement loan with the best subprime lenders in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

*program information referenced above is updated as often as possible. It is subject to change by the lenders and there may be a delay in those updates taking place here.

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