Unless you are independently wealthy and can pay for a house with cash,
you need a mortgage loan to buy a house in California. If you have poor
credit, it can be very hard to get a mortgage
loan in California. If you have credit that is less than stellar,
there are certain steps you can take to improve your chances of qualifying
for a California mortgage
loan.
The first step when applying for any loan is to take a look at your
credit report and ensure that everything is correctly reported. This
includes your name, address, any other loans you have, any credit cards
you have, etc. If there is something inaccurate on your credit report
it could affect your ability to obtain a California mortgage. If there
are any accounts listed as open on your report that should be closed
call the credit bureau and have them closed.
Another way to get a mortgage is to offer a larger down payment on the
house you want to buy. Many times you can find
a seller who will help you pay closing costs or a part of the loan
because they want to sell their home so badly. With your closing costs
freed up, you can make a larger down payment on your home. It is illegal
for the seller of your home
to make the down payment on their house, but they can give you help
with your down payment through local down payment assistance programs.
If all else fails, you can ask friends
or family for loans to help pay for your down payment. In most cases
you must disclose to your lender where your payment is coming from,
however. If you aren’t honest about where the down payment on
your home is coming from you could be accused of defrauding the lender
and lose your mortgage loan.