Poor Credit Home Mortgage Loan - How to Get One Fast

If you are looking for poor credit home mortgage loans, you can still find these if you look around. With a bad economy and steadily tightening of credit strings by lenders, it's more difficult for people to get a mortgage loan with bad credit history. But, it is still possible.

The first thing you need to decide, when you have poor credit is whether you are adamant about getting a loan through a conventional lender like a bank or credit union or you are willing to look outside of traditional lenders to get the poor credit home mortgage loan you need.

You can still get a poor credit loans from a bank, depending on a few things. You may have bad credit, but there are levels of bad credit. You may have missed a few payments down the road and your credit has dipped a bit into the red zone. Or you may have had multiple credit card accounts closed and a bankruptcy on your credit record. There is a pretty big difference between the two.

If you only have a few missed or late payments, you can probably get an unsecured home mortgage loans from a bank if you can make a compelling case for why your credit history is bad, you stand a chance of getting a standard mortgage from a bank.

If your credit history is pretty bad, you may be able to qualify for a sub prime mortgage from a bank. But in this economy, it's highly unlikely that a bank will give you a sub prime mortgage unless you put down a significant down payment.

Having a down payment is probably your best chance of getting mortgage from bank. Banks will go a long way to overlook bad credit when you put a down payment on a house.

Short of having a down payment, you may want to think about looking at poor credit mortgage lenders. These are special lenders you can find that will give bad credit loans to people with poor credit - in return for higher interest rates.

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