Believe it or not there are Sacramento bad credit home loans and other California real estate mortgages available for those stuck with a bad credit score. In some cases your employment, income or assets can help compensate for a low credit score. For other home buyers it may be necessary to use credit repair services before obtaining a home loan.
Most real estate lenders focus on four items to approve you for a home or other real estate loan; these items directly impact your approval for Sacramento bad credit home loans:
1. Income or Employment and Length of Employment
2. Credit Score and Overall Credit History
3. Assets (Savings or Other Assets)
4. Amount of Down Payment
A low credit score is not the only factor and it can be offset to some degree with strong assets, income or both. A good monthly income and good down payment can be the key to approval for Sacramento bad credit home loans.
Sacramento bad credit home loans we have available include FHA and VA Loans, USDA, Conventional Mortgages and Non-Conventional Direct Lending. Often direct lender options are designed to work with less than perfect credit situations.
FHA and VA Loans also offer lower credit underwriting standards which may be appropriate for your personal situation.
If you find there are no Sacramento bad credit home loans available for your situation another solution is to try looking for a property owner that wants to sell and is willing to work with you in a seller-financed transaction. Many buyers find working directly with property owners to be an effective solution for their credit score.
If you are looking for a home loan but have bad credit focus on building the other three areas of your borrower profile. Be prepared to make a larger down payment in order to show lenders that you are serious about the property and transaction. A long-term employment history is also important. Get started today by completing our pre-application form below.
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