Denied for a home loan? Now, what will your family do?
Even if you have been denied a home loan previously or have outside-the-box income, in fact, whatever your situation, there is a solution! It is really important to me as a Realtor® to help people understand that they CAN buy a home, so often people do not understand their diverse mortgage options, even with bad credit!
I have gotten an expert to help me bring you the good news and we are excited to share with you that there are many kinds of loans to get you a house, there are also assistance programs and options you may have never heard of . . .we are going dive into these options briefly in this video series!
Worried you won’t qualify for a mortgage with bad credit?
Whether you are a first-time homebuyer or have previously owned a home — or purchasing or refinancing — there are several types of mortgage programs in California. No doubt, there’s one that will best suit your needs. We want you to know, whatever your situation, we have solutions for you, so don’t be discouraged. . . Let’s get started!
Of course, we’ll cover conventional programs that require a down payment and a higher credit score, however, there are conventional loans that are more forgiving. In fact, there are programs that only require 3% down!
California specific home loan options
Borrowers need higher FICO scores to get a conventional loan than government-insured mortgages like FHA, VA, or USDA loans, which we are also going to discuss.
Home prices in California are high compared to many states in the United States. That’s when jumbo mortgages come in handy. Jumbo loans are available in amounts up to $3 million. High-cost areas include Los Angeles, Alameda, Contra Costa, Marin, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Barbara, Santa Clara, and Santa Cruz counties.
VA loans are one of the best deals going because they require zero down and in Contra Costa County there is an option for a USDA home loan which is another zero-down payment option.
Wondering if you meet conventional loan requirements?
So let’s get to brass tacks a conventional mortgage is one that’s not guaranteed or insured by the federal government.
Most conventional mortgages are “conforming,” which simply means that they meet the requirements to be sold to government-sponsored enterprises that purchase mortgages from lenders and sell them to investors. This frees up lenders’ funds so they can get more qualified buyers into homes.
Conventional mortgages can also be non-conforming, which means that they don’t meet the above government guidelines. One type of non-conforming conventional mortgage is a jumbo loan, which is a mortgage that exceeds conforming loan limits.
We’ve got more good tips and info for you! Check out the rest of this video series!