Want to Buy A Home in California With Challenged Credit?
Want to Buy a Home in California With Challenged Credit?
Have you recently thought about buying a home but you have credit challenges? Are past credit issues holding you back from achieving your dream of home ownership? Well, there is good news! There are programs out there for credit challenged borrowers like yourself. In fact you can indeed Buy A Home in California With Challenged Credit!
How Do I Buy a Home in California with Challenged Credit?
Buying a home in California with challenged credit is possible. If you can show a stable source of income, positive rental history and you have a bank account, there is hope for you. Many people such as yourself have been able to buy a home in California with a credit score as low as 580.
Where Do I Go to Buy a Home in California With Challenged Credit?
Many well-known banks have more stringent requirements since the previous housing crash. They have what are called overlays. What are overlays? Overlays are additional requirements that a bank adds to Fannie Mae and Freddie Mac Requirements. AN example of an overlay is that some banks require a 640 credit score, whereas Fannie Mae only requires a 580 credit score.
How Do I Avoid Bank Overlays When Buying a Home in California?
You can avoid bank overlays when you are trying to get approved for a home loan by going to a Fannie Mae direct lender. A Fannie Mae Direct Lender can help you get a home loan if you can show stable income and rental history for the past year.
How Do I Start the Process to Buy a Home Loan With Challenged Credit?
The first step in the process is to talk to a licensed mortgage professional that specializes working with individuals who have challenged credit.
About the author:
Arlene Disessa is the senior writer of California-Loans. She holds a Master’s Degree in Accounting and an MBA. Arlene has over twenty years of experience in the auditing and finance industry as a prior government auditor conducting audits of large corporations nationwide and has helped many borrowers buy homes with zero money down. She also specializes in helping people with credit challenges such as low credit scores, bankruptcies, or multiple collections. You can call Arlene Disessa 7 days a week for a free no obligation consultation at phone number 530.813.0661 or email her at email@example.com .