How to Finance a House with Bad Credit

After many years, we are one of the few lenders still extending bad credit home financing and no credit home loans in this stagnant economy. There are a few obstacles for people looking to finance a house with bad credit. Most conventional lenders are not interested in approving home loans for people with bad credit. Many people think that a mortgage for people with bad credit is simply a pipe dream and impossible to attain. However, there are many companies that offer bad credit home loans. Poor credit certainly detrimentally affects the cost of purchasing a home and that's why our lenders are extending a home loan for people with bad credit. Great credit affords borrowers the best interest rates and lowest fees, while bad credit ups the fees and the interest rates, as well as the requirements. However, learning how to get a first time home loan with bad credit can get you on your way to owning your own home instead of throwing money away on rent month after month.

Our Lenders Specialize in Home Financing with Bad Credit Scores

If you want to know how to get a first time home loan with bad credit, first you have to know some of the limitations. The requirements for a home loan for first time homebuyers with bad credit change depending on how bad the credit actually is. However, bad credit home loans are even available for people who have filed bankruptcy or experienced a foreclosure. There is a waiting period after these occurrences before purchasing a home with a conventional or FHA mortgage. Before the real estate market crash and the recent economic depression, subprime lenders offered many loans to borrowers with bad credit. Since the recession seeped in, home financing with bad credit became more challenging and most banks shut off credit to home buyers with low credit scores. Our lenders remain committed to no credit home loans and the first time home loan with bad credit. Our rates are great and our home financing experience is second to none.

Getting Approved for a First Time Home Loan with Bad Credit

Start with cleaning up your financial life as best you can when pursuing how to get a first time home loan with bad credit. Shop and review house purchase loans that are insured by the FHA. The Federal Housing Administration and our lenders believe that your past actions will never be forgotten if you continue them into the future. Meet lenders that specialize in bad credit FHA home loan options for people that don't have much money for a down-payment.

Paying all your bills on time and saving up for a down payment is an excellent way to prepare to apply for a home loan for first time homebuyers with bad credit. Bad credit home loans often have more extensive application requirements than those that are offered to people with sterling credit ratings. Meeting with a free debt or financial counselor can help show lenders that you are serious about turning your finances around.