Bad Credit Mortgage Loan San Jose CA

There are many programs available today to help people who have recently suffered a bankruptcy or foreclosure to get a mortgage loan or mortgage refinance loan.

Local Companies

NoJa Mortgage Corp.
408-841-9400
2059 Camden Ave 231
San Jose, CA
Realty World Homelink
(408) 296-8887
2858 Stevens Creek Blvd
San Jose, CA
Money World Sales-Mortgages Inc
(408) 451-1100
2025 Gateway Pl
San Jose, CA
Almaden Mortgage
(408) 436-8299
1731 N 1st St
San Jose, CA
Opulent Mortgage
(408) 213-1374
2170 The Alameda
San Jose, CA
Heindel Mortgage Group Inc
(408) 225-7400
841 Blossom Hill Rd
San Jose, CA
Jpn Finance
(408) 254-6993
San Jose, CA
Tri-Bay Mortgage Group
(408) 261-6767
1101 S Winchester Blvd Ste K235
San Jose, CA
Turnkey Mortgage Solutions
(408) 377-8876
2542 S Bascom Ave
San Jose, CA
Norris Home Loans
(408) 259-9696
San Jose, CA

But today, this is not the case. There are many programs available today to help people who have recently suffered a bankruptcy or foreclosure to get a mortgage loan or mortgage refinance loan.

There are two things to do if you are in this situation:

  1. Get yourself a free copy of your credit report from all 3 major credit bureaus, look over everything, do you see any mistakes? Make sure everything included in your bankruptcy or foreclosure reports accurately on your credit report. Make sure those accounts involved in a bankruptcy or foreclosure are not showing something else like collection or charge-off.. That could make your score much lower than it needs to be. If you have a bankruptcy or foreclosure, you want everything involved to say so, so it is all under 1 circumstance, instead of many. You can dispute all errors on your credit report online nowadays. It takes about 15 minutes. You can do it right on the website of Equifax, TransUnion or Experian.

  2. Once you have checked your credit reports, apply only to places that submit your application to many lenders. Every time your credit report is pulled, it will knock your credit score down a little. If you apply to a mortgage service that will submit your application to many lenders, then you only have one credit inquiry and can receive offers from up to 4 lenders per application.

Frequently asked questions are:

  1. Will I have to make a large down payment? Not necessarily. If you can get your credit score above a 600, you should easily be able to get 100% financing, even if it has been less than two years since your bankruptcy or foreclosure. If your score is above a 580, you might still be able to qualify for 100% financing.

  2. What kind of interest rate can I expect? Depending on your credit score and whether you have any down payment or not, I have heard of situations with a credit score as low as 585 with no down payment and an interest rate as low as 7.25%. That was quoted in March of 2005.

  3. Can I get cash out? On a purchase, not likely. On a refinance, depending on your amount of equity, that is very possible.

There are many lenders now, who specialize in bad credit mortgage loans. These are the best lenders to start with. To see a list of lenders who specialize in bad credit mortgage loans, visit: www.abcloanguide.com/lessthanperfectcredit.shtml

About the Author:

Carrie Reeder is the owner of www.abcloanguide.com. Her website offers free information about mortgage loans and provides lists of recommended bad credit mortgage lenders.

carrie@abcloanguide.com


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Featured Local Company

NoJa Mortgage Corp.

408-841-9400
2059 Camden Ave 231
San Jose, CA