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Real Estate ArticlesQualifying for a Home Loan in California
It may be difficult to believe, but there are people in California buying homes. California may be one of the top five worst real estate markets in the country, but with over 35 million residents in the state, people move around and still need to purchase a home. If you are living in California or considering moving there, do a ton of research before you buy a home.
After the mortgage melt down and ensuing real estate collapse, much has changed over the past few years with regard to California lenders. Subprime mortgages are gone. Lending criteria is much more restrictive than it was. In addition, the number of options for mortgage financing is greatly reduced. Lenders in California now look at several important areas when evaluating a person for a mortgage loan. The best-case scenario is to have an overall healthy credit picture. However, if you measure up well in four specific areas, the lender may relax their criteria on the fifth. If you have outstanding credit and a solid down payment, lenders may be more flexible with your debt-to-income ratio. The most important criterion is your credit score. A credit score that was considered good a few years ago has drastically changed. To qualify for a home loan in California today you will need at least a 620 credit score. The second most important criterion is your debt load. Lenders in California will judiciously review your income in relation to the amount of debt you have. If debt payments to credit cards, retail accounts and auto loans is consuming too much of your income, it will be difficult if not impossible to qualify for a California mortgage. Down payments vary depending on the type of loan. FHA loans may only require a down payment of 3.5 percent. For more conventional mortgages, however, lenders generally require at least 10 percent down. Before you go shopping, get pre-approved for a loan. Don't confuse it with pre-qualifying. Pre-approval shows the lender you are golden. This will expedite the process of buying a home in California.
You can talk about... Qualifying for a Home Loan in California Tags: • debt to income ratio • debt load • fha loans • credit score • credit cards • down payments • buying a home • mortgage financing • mortgage • california • home loan • mortgage loan • real estate loans • Related articles:
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