Are you like me, and have gone through a fore-closer or maybe you've gone through a bank-rupture. Maybe you have a bad credit score or your credit history is bad. If so, you may think that your never going to be able to get a mortgage loan for that house you've been looking at. Well the ship hasn't sunk yet. It may take a little more time and a bit more work on your part, and it might cost a little more, but all is not lost. There is what is know as a "Bad Credit Loan Mortgage". It's just possible that you can get that "American Dream" sooner than you think.
There are a lot of reasons that your credit history can be affected in a negative way. Medical cost can drain a saving account and cause credit cards to explode. Life changing events, such as divorce or layoffs or even lawsuits can leave you with nothing but the shirt on your back. Your not always in control of all the reasons that cause your credit to go south. In most cases, normal lending institutions such as Saving & Loans, Credit Unions and Banks may not be willing to help you on there own, even though they would be the best place to start to look
You may need to go to the Federal Government departments such USDA, or FHA loan. Another place to look if your a Military Vet, is the VA. They can some times help with a Bad Credit Mortgage.
Usually if you have a low down payment (maybe as low as "nothing") you can get help from the USDA. They deal with people that want to buy a house in country and you also can get a fixed-rate loan through there Rural Housing Program. Sometimes they don't require you to have PMI or Private Mortgage Insurance ether.
As noted above, if your a Vet. you are probably eligible for a VA loan Mortgage. It's a good deal if you have bad credit, because the VA stands behind you on the loan so the banks will be more happy to loan you the money for the house. You will also get a good mortgage rate and less cost for points, etc. because of your military involvement. Oh and I forgot to say that a VA loan is available to Serving Military personal as well as Vet's. So check it out with your base personal to get the direct scoop. I got a loan from the VA back in the 1980's and it went very well.
The Federal Housing Authority (FHA) backs loans for mortgages for people with bad credit also. They have done this for many years and have helped many people with bad credit to get the start needed to take a bit of the American Dream. They also work with those who don't have a down payment as well as those that do. Even if you have all the means to get a normal loan, it may be an advantage to go with FHA when financing your new home. Bad Credit Loan can be available if needed.
You are not alone when it comes to having bad credit. There is help available. Just get out there and Do It!
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