You don't need credit to buy a home in CA

Home Inspector with, covering the USA S0289

You don't need credit bo buy a home

This blog post will tell you about a program where there is no credit check with a large down payment. 

Bold statement right? But it is all true. You don't need credit ot purchase a home. So you went bankrupt a year or two ago and you are finding it difficult to purchase a home and you are about to loose it because no lender wants you take a risk on you. You have cash in the bank and you make a good salary. 

Several options for you:

  • Pay all cash for a home. Yes, there are some who can do that. If you have cash it isn't an issue many times.
  • Pay a large down payment. If that isn't an issue you can put up more money down. This is actually what I wanted to talk about so lets do it. CAL-Vet financing is an amazing loan program. yes, it is at a higher rate. It is likely about 6% when everyone else is under 4% but if you have 30% down payment there is no credit check.  So, you find a home and put 30% down and you can finance the balance. Sorry, I'm not aware of any renovation lending with them.

If you have recovered from your earning dilemma after a BK then you may want to consider this option.


Cal-Vet used to lend to you if you were a California resident at the time of joining the service. They had so much money available that years ago they expanded it to any Veteran who lives in CA. Say your client is moving from somewhere else to  CA and they have a good down payment but a glitch in their credit... CAL-VET loan may be an option to consider.

I used to be a Cal-Vet appraiser and their criteria is very similar to FHA for the home. It should pass the "health and safety" tests and MPS like FHA. I remember years ago my boss at CAL-VET called me about a home in Crockett CA across from the "Dead Fish" restaurant. When he described it I told him we can't lend on that house as there are High Tension towers too close and certainly within the fall distance of the home. He told me "thank goodness" then went on to tell me that another CAL-VET appraiser had caused them to lend on that home as he failed to tell them about the HT towers being so close. He was glad to see that it was only that one appraiser's misunderstanding or lack of understanding of that guideline and not a general problem with all of his appraisers. 

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

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Comments (4)

Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

Some help for those who can make it happen, at least. But it seems weird to me that people would have a lot of cash even a year or two after a bankruptcy.  I'm too naive in these matters, I guess.

May 16, 2013 01:47 PM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

We have a pool  of professionals here that loan money to people that cannot buy through traditional means and the property is secured by the property

May 16, 2013 01:55 PM
Mike Young, covering the USA - Las Vegas, NV
FHA 203k Consultant 916-758-1809

Moetta, it doesn't have to be BK it could be for a number of reasons. The guy that started Mars candy went BK a number of times and still became very wealthy, Each time he came back faster than the time before.

Joyce, that sounds interesting. I'll be looking to hear more from you.

May 16, 2013 03:01 PM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

What? No credit. I bet there are plenty who could benefit from this Mike.

May 17, 2013 02:45 AM