Searching for a home in California can be challenging with bad credit. If prime loans are out of reach, non-prime loans offer a reliable alternative. These options are also widely known as subprime loans across local markets.
Non-prime loans cater to borrowers with lower FICO credit scores. Furthermore, they assist buyers who miss standard debt-to-income requirements.
At PacShores Mortgage, we simplify non-prime financing for Los Angeles clients. We help you apply for the following flexible loan options:
Hard money loans
Traditional prime or subprime loans might not work for your target property. If you do not qualify, a California hard money loan offers a viable alternative. This specialized financing option is secured directly by the underlying value of the property.
Stated income loans
Traditional mortgages require strict proof of your exact income before approval. While this works for many, proving income creates a major barrier for others. Fortunately, a stated income loan can help you bypass these strict documentation hurdles.
Bridge loans
Buying one property while selling another creates a timing gap. Fortunately, a bridge loan helps you cover this transition period easily. It provides quick access to funding between both real estate transactions.
Bad credit loans
You may be ready to buy a home, but your credit score falls short for a prime loan. In this scenario, a bad credit loan offers a practical solution. These specialized financing options help you purchase property even with a lower credit rating.
Need California Subprime Lending? Pacshores Mortgage Can Help
Even if you are not eligible for a California prime loan, you may qualify for a non-prime loan in L.A. county. Contact Pacshores Mortgage today at
We can consult with you about your financial situation and goals, and help you to find a non-prime loan with a competitive interest rate and friendly terms.
Hard money loans
If you do not qualify for a traditional prime or subprime loan on the property you wish to purchase, you may be eligible for a California hard money loan. A hard money loan is secured by the value of the property. Learn MoreStated income loans
When you apply for a traditional mortgage, you need to provide proof of your income in the exact amount before you can be approved. While this is often straightforward, there are situations where providing this proof may act as a barrier to getting a loan and where a stated income loan can help. Learn MoreBridge loans
If you need to cover an interval between two transactions (you might be purchasing one property and selling another), a bridge loan can allow you to do so. Learn More