California is a state who innovates. We don’t quit at the first sign of adversity. We are home to some of the brightest and best minds. Just look at Google and the way they did their business model. Did they ever give up when times were tough in the beginning? You know the answer to that question.
There is more than one way to qualify from a loan. I am going to name a few:
If you have parents that are well off and you don’t mind swallowing your pride, it might be a good idea to ask your parents to co-sign for a loan. Many people are too proud to ask and many parents actually don’t want to do this.
Get a partner
If you found a good deal on a home and you really feel you bought this place under market, you can advertise for a partner. You would live in the home and make the payments. You would have some sort of agreement to sell it down the road and split the profits. Be careful on who you partner with. It becomes like a divorce if it ends badly so be careful.
Private Money Loan
With a California private money loan, you don’t have to have the show high income. This is really good for self employed people. Also, many people have had things happen in their lives beyond their control that would make their credit go bad. So with bad creditand not showing property, you can still qualify to buy a house with a sufficient down payment. And if you don’t have the proper down payment to get that private money loan, see step 2 on getting a partner.
All three of these are viable options. If you want to sleep at night and not worry about your parents on a loan or you having a crazy partner, a California hard money loan is a great way to go for many people looking to finally get into the housing market and buy a home of their own.