| If you are a homebuyer with a poor credit rating you | | | | homebuyer program you will save yourself a lot of |
| may be concerned how your credit score will impact | | | | money. The FHA and VA have homebuyer programs |
| your loan. Homebuyers with poor credit qualify for | | | | that can help you qualify for a mortgage despite your |
| higher interest rates and pay higher fees; however, if | | | | credit. The Federal Housing Administration (FHA) |
| you spend some time cleaning up your credit and | | | | guarantees mortgages for low income individuals and |
| research mortgage lenders you can still qualify for a | | | | the Veteran's Administration (VA) guarantees |
| competitive mortgage loan. Here are several tips to | | | | mortgages for veterans. If you qualify for one of these |
| help you clean up your finances and find the best deal | | | | programs your interest rate will be significantly lower |
| for your mortgage. | | | | than if you take out a bad credit mortgage. |
| There are many options for homebuyers with poor | | | | Accept Higher Interest Rates and Fees |
| credit that simply did not exist ten years ago. The | | | | If qualifying for a government program is not an option |
| Internet is an excellent tool for locating and comparing | | | | for you, qualifying for a mortgage from a bad credit |
| mortgage offers. Online mortgage lenders, particularly | | | | lender may be your only option. Depending on the |
| those that specialize in bad credit lending, are often | | | | severity of your credit problems, a mortgage broker |
| more flexible in their lending than traditional mortgage | | | | could be the best way to find a lender willing to work |
| lenders. Bad credit mortgage lenders are also called | | | | with you. It is important that you compare offers from |
| "sub-prime" mortgage lenders; these specialty lenders | | | | a variety of mortgage lenders to find the best loan for |
| cater to homebuyers with poor credit for a premium | | | | your financial situation. You can learn more about your |
| finance charge. | | | | bad credit mortgage options by registering for a free |
| Find a Government Program | | | | mortgage guidebook. |
| If you qualify for assistance from a government | | | | |