Mortgage Loans with Bad Credit

You want to own your own home, but you have bad credit and are having trouble obtaining a mortgage loan.  Is there anything you can do?  Initially, you would think not, but actually, there are ways you can get a mortgage loan when you have bad credit.

Just because your credit isn’t perfect doesn’t mean that you should miss out on the opportunities available to everyone else.  There are mortgage brokers that specialize in bad credit mortgage loans that can get you the money you need to buy a home and stop paying rent, although you will need at least a score of 580.

These companies offer many different types of mortgage loans for people with bad credit, but like other companies like these, the loans are probably going to be at a high interest rate, so you’ll want to thoroughly check out all programs available to you.  If your payment is going to be too high, you’ll want to steer away from those loans or else you’ll get into more problems.

An FmHA mortgage loan is a little less well known and is similar to FHA loans, but are designed to benefit average to below-average income individuals and they are generally for homes located in rural areas. They have strict guidelines that they have to adhere to as far as what types of homes will qualify and the paperwork is heavy, but in the long run, it’s certainly worth it.

Another very popular option these days is to find sellers that are willing to do a "lease to own" sale. This would allow you to rent first, while working on improving your credit. When you have cleaned up your credit, you will be able to purchase the home. There are many ways to do a Lease to Own sales contract so research several before deciding on the first one you find. Be sure to get your agreement in writing so the owner doesn’t change their mind when you’re ready to buy.

The key here is to do your homework and look around for a mortgage company that specializes in mortgage loans for people with low credit scores.  There are lenders out there that will offer up credit to you albeit at larger interest rates than a regular mortgage, but the important thing to remember is that it is possible. Give us a call and we can put you in touch with a mortgage company to work with.

Expert Credit Consultants, LLC specializes in establishing business credit and funding using the exclusive Business Credit and Finance Suite as well as credit restoration and optimization. www.ExpertCreditConsultants.com.