Home buyers with variable income often wonder if they can qualify for a mortgage loan…
Credit Score Information for California Home Buyers
We’ve written about credit scores many times in the past. On this page, you’ll find links to some of our best articles about credit scores, and how they relate to the mortgage and home buying process in California.
At a glance: A credit score is a three-digit number based on the information found within a person’s credit reports. Banks and mortgage lenders use these scores as a kind of risk indicator. A higher score can improve your chances of qualifying for a mortgage loan and getting a good interest rate. You can maintain a good score by paying all of your bills on time and limiting your credit usage when possible.
Credit Score Articles on Our Blog
Note: If you live in California and want to know if your credit score is enough to qualify for a mortgage loan, please contact our staff. Bridgepoint Funding offers a variety of mortgage loan options, some with flexible credit requirements. We serve home buyers and homeowners across the state of California.
Score Needed to Buy a House
This is one of our most popular blog posts on this subject, because it gets right to the point by answering a common question. What credit score is needed to buy a house in California? While there is no standard industry-widde cutoff point for credit scores, banks and mortgage lenders typically want to see a 600 or higher. But that number is not set in stone.
Building a Good Credit Score
Improving your credit score could help you qualify for different types of credit and loans, including a mortgage.
It could also help you qualify for a lower interest rate, saving you money over time. According to experts, the best way to improve a credit score is to make sure you pay all of your bills and debt obligations on time. In this article, we will explore this and other strategies for boosting a credit score.
How and Why to Check Your Score
Did you know you can check your credit scores before shopping for a mortgage loan? It’s true. This is a good way to find out where you stand, in terms of your current credit situation. In this article, you’ll learn how and where to check your scores, when preparing for the home buying process.
Conventional Loans Credit Requirements
A conventional loan is one that’s not insured by the federal government. The credit score requirements for these loans can vary from one lender to the next, and due to other factors as well. Generally speaking, a score of 600 or higher could help you qualify for a conventional home loan in California. Borrowers with scores below that threshold might need to consider alternate financing options, such as the FHA program.
FHA Loan Credit Requirements
The FHA mortgage program allows borrowers to make a down payment as low as 3.5%. It also offers more flexible qualification criteria, when compared to the conventional mortgage loans mentioned above. This program can be a good option for borrowers with past credit issues (that might disqualify them for conventional financing). In this article, we will explore the official credit score requirements for FHA loans in California.
VA Loan Credit Requirements
The VA mortgage program is another example of a government-backed home loan option. And here again, the credit score requirements can be more flexible for borrowers, due to the government’s backing. In fact, VA loans are one of the easiest types of mortgages to obtain. This article provides an overview of the basic credit requirements and guidelines when using a VA loan to buy a home in California.
Can I Buy a Home With Bad Credit?
Borrowers with bad credit typically have a harder time qualifying for a mortgage loan and buying a home. But there are some things you can do to improve your chances, going forward. In this article, we will explore the challenges these borrowers face, along with some of the solutions that might be pursued.
How Credit Reports Affect Mortgage Approval
Did you know your credit score is based on the information compiled within your credit reports? Did you know you have three of these reports, generated by three different companies? Reviewing your reports can help you identify errors that might be lowering your scores. In this article, you’ll learn how all of these things are connected, and what you can do to fix errors.
Have a Mortgage Loan Question?
We’ve provided these articles to help you learn more about credit reports and scores — and how they can affect you when applying for a mortgage loan in California. If you have any mortgage-related questions that are not covered above, or if you would like to apply for a home loan, please contact our staff.
Located in the San Francisco Bay area, Bridgepoint Funding serves borrowers all across the Golden State. We can answer any credit-related questions you might have, and also pre-qualify you for a mortgage loan. We look forward to hearing from you!
