Getting a Mortgage with Bad Credit History

Getting a Mortgage with Bad Credit History

If you have had a dream to get a mortgage loan but have been unable to buy a house because your credit is bad, you are not alone. These days, more and more people are finding their credit scores in the red. Not only are they unable to get a mortgage loan, but people with bad credit are unable to get any sort of credit loan - credit cards, cell phone planes, etc. So what can you do if you have bad credit and want a home loan? Well the good news is that you can still a mortgage even if your credit is bad. However, don't think that you will get the same deal as someone with good credit - you won't. If you have bad credit, you are always going to pay some sort of price. You are going to pay more money somewhere or be stuck with some sort of penalty.
But at least you can buy a home with bad credit.

If you want to get a traditional mortgage, you are going to have to have a steady job and a good income. A bank won't give you a mortgage if your credit is bad and your income won't allow you to live comfortable when you have to make mortgage payments. You will likely have to explain to the lender why your credit is bad as well. The lender wants to be reassured that you won't stop paying your mortgage payments.

Another option to consider is to look at getting a bad credit mortgage. A bad credit mortgage is a mortgage given out to people who don't have good credit history.

However the cost is that you end up paying higher interest rates for this type of mortgage.