Getting a California Subprime Mortgage

Despite the fact that California's mortgage interest rates are still historically low, fewer Californians are lining up for a California home loan purchase. This should make getting a mortgage with bad credit relatively easy in California . But mortgage lending companies are so concerned about the possibility of their existing sub prime home loans going bad that they’re extremely hesitant to take on more. Whether you’re filling out applications for adjustable rate home loans or more traditional, fixed rate home loans, the answer is the same in most cases. Golden State home mortgage officers are saying no to any credit report score that falls below 580 or 620, depending on the type of home loan. Many Californian companies with a reputation as subprime mortgage lenders are now requiring a credit report FICA score of 680 or better.

So how does someone get a home loan with bad credit? How do you overcome mortgage credit problems? One method is to ask a parent or someone very close to you whose credit report FICA score is over 680 to co-sign for the loan.

However, it’s difficult to find someone who is willing to risk their own credit by cosigning for someone else’s mortgage loan. If you have assets that you can convert to cash, you can improve your odds by offering a larger down payment. But if these options are not available, you should take steps to improve your situation by focusing on debt consolidation and reduction and/or by focusing upon your credit score. This takes time, but these efforts will pay off even if you don’t end up re-applying for home purchase loans in the near future. To accomplish these goals, many people chose to seek help from debt relief counselors or take advantage of credit counselor services. But if you have time to take the first few steps on your own, begin by taking advantage of the fact that the current law allows you to receive one free credit report a year. The information below can assist you with that, and with understanding your credit report score. Once you identify errors or explainable blotches on your report, invest as much time as you can into working with the top 3 credit reporting agencies to raise your credit report FICA score. Whichever option you chose, and whether you’re going at it alone or seeking the help of the best debt consolidation companies, there are opportunities out there that fit your circumstance.

Get Help With Bad Credit Mortgage Financing

Credit Report Score

To obtain a one free credit report a year, visit AnnualCreditReport.com. If you prefer the added protection of a credit report monitoring service in addition to receiving a free credit report, visit FreeCreditReport.com

To understand your credit report FICA score, visit myfico.com.