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In California bad credit doesn’t have to stop you from buying a home. By taking some time on your part to fix your credit, research homeownership programs, and compare lenders, you can qualify for a sensible monthly payment on your new home.

Get Your Credit Information First - In the state of California, you are entitled to a free copy of your credit report. Use that opportunity to look over your credit history for your current score and any possible errors. You can improve your score by paying down debt and fixing any mistakes. You may also find that enough time has past that you actually now have a decent score.

Start The Home Financing Process Early- The sooner you start looking for a mortgage, the better your chance on getting a reasonable monthly payment. Most lenders offer flexible terms for subprime loans. So you may find that an adjustable rate or interest only loan can help you keep your mortgage payment low.

Financing companies can also connect you with government and non-profit lending assistance programs to come up with a down payment or pay for closing fees. And don’t forget government loan programs for FHA, VA, or rural home loans. California also has many programs unique to the state. The California Housing Finance Agency can help you hook up with many homeownership programs. They also partner with local governments to offer low interest loans, especially in high-cost areas, such as the Bay, Central and Southern Coast. Licensed lenders will be aware of such programs.

Compare Lenders For Lower Mortgage Payments - Even with poor credit, financing companies will compete for your business. So by researching mortgage lenders and their offerings, you can save a couple of points off your loan rate or by-pass high closing costs. The most effective way to research lenders is to ask for loan estimates online. Be honest about your credit situation to get the most accurate numbers on rates and closing costs. In just a couple of hours, you can have dozen of offers to compare.

You don’t have to settle for a high interest, high closing cost mortgage if you have bad credit. By spending some time looking at your options, you can save yourself thousands of dollars and start enjoying your new home.