California Bad Credit Mortgage Loans – this is the right time to become a home owner

Recession is the right time to become a home owner – this is because the house prices are going down and the mortgages are also available at lowest mortgage rates.So all borrowers who have had the dream of becoming a home owner must now act sooner and get their home loans.If you have a bad credit,the bad credit mortgage loans will be the best solution for you to buy the home.

Foreclosures are high in California:

Due to the housing crisis,the foreclosures are happening everyday and so buying a foreclosed home might also be a better option.You can buy these homes at much reduce priced.Make sure to do extensive search in the available homes and prices or at least get a agent to help you with everything.

The tax credits and the home owners:

=>Besides the reduction of the prices and the mortgage rate,remember that the tax credits are also available,

=>The tax credits are issued by both the state government and the federal government so as to stimulate the housing market.This is a great move by the government.we need to wait a little more and see the results brought by these tax credits,

=>The mortgage loans will be issued to people with bad credit but remember that a down payment is also needed.If you do not make at least 20 percent down payment,the PMI is required,

=>But do not worry since there are ways of canceling the private mortgage insurance.After you have built enough equity,you can cancel the PMI,

=>There are lot of lenders offering the mortgage loans – so get quotes and do comparison shopping so as to get the best available offers,

=>Mortgage loans can be obtained through the FHA and the USDA – these are the best mortgage loans since they require less down payment.In fact the USDA mortgage loan does not require any down payments at all.The FHA loans also require very less down payment.There are lot of articles on the topic of adjustable rate mortgages types and the interest only mortgages – you can read them to get more information.