Bad Credit Mortgages

It's definitely possible to obtain a mortgage with bad credit. It may not be through a bank of your choice, but there are places to go if you have bad credit.

The first place would be to check on the internet and then try on the local level. There may be local investors in your area who make loans to people at higher interest rates (for the added risk of bad credit). These type of people usually advertise in the paper or may be known by top local agents.

If you can't get a loan through that method or through your bank you can try to do a seller financing type of mortgage where the seller is more like the bank and you make payments to them. There is usually a balloon payment due after a few years so you need to keep your credit clean so you can refinance. More down payment is usually required by the seller as well as a higher interest rate.

Related Article: Seller Financing >>