Bad Credit
California Bad Credit Mortgage Information
Until recently, there were many lenders who were offering California bad credit mortgage options, but that number has shrunk significantly recently – down to z-e-r-o. While it used to be true that you could have bad credit and still get approved for a mortgage, now you have to have at least “decent” credit in order to get approved.
That is the bad news if you have bad credit, however it isn’t all bad news. The good news is that it isn’t impossible to turn improve your overall credit profile and by taking a few simple steps on your end, we can show you how to get qualified for a home loan within a reasonable amount of time.
Just a couple of the most popular loan programs for people with less than perfect credit include FHA and VA loans. What exactly does “less than perfect credit” mean? It changes regularly, but lets just say that the guidelines for these three loans mentioned above are significantly more flexible than the guidelines for conventional financing.
If the FHA or VA loan programs don’t fit what criteria that you are looking for, there are still other options such as seller financing, private financing or even loans traditionally known as “hard money” loans.
What is the current “magic number” for your credit score. Well, while it isn’t exactly “magic”, we do see that most programs (not all!) are requiring at least a 620 mid score in order to have a chance at an approval for a loan.
Can you qualify for an California bad credit mortgage? The truth is that you won’t really know unless you contact a loan officer today because guidelines are always changing. Call now!
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