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Bad Credit Home Loans

Can I get a mortgage if I have bad credit?

Buying a home with bad credit is easy and safe due to Government backed loan programs like FHA, USDA, and VA. If a Government loan program doesn’t work for you there are probate lender available in all 50 states. 


Gone are the days of risky subprime loans where you sign the application and get the keys. But this doesn’t mean you can’t buy a home. Even back I’m the subprime gold Rush, government backed home loans were available and had similar lending requirements. The reason FHA did not gain the same popularity as subprime home loans was the extensive paperwork required. 


Banks chose the easy path, putting first time home buyers is adjustable rate mortgages. This strategy almost led to a complete collapse of the housing market. FHA home loans are fixed rate mortgages with low interest rates. The paperwork is extensive and it could take up to 90 days to close on your new home but having a safe and affordable mortgage is worth the work. 


If you are one the rare few that can’t qualify for FHA, don’t work worth a credit repair company. Ask your approved FHA lender about steps you can take to get approved in the future. As an approved FHA lender, they should have extensive knowledge on credit requirements, improving your credit score, and be able to draw up a road map to home ownership. 
FHA even has options for credit scores below 580.

You should prepare to apply for your loan by gathering the needed documentation. With all of the documents you can paint a clear financial picture for your bad credit home lender. You can download the full docent checklist by entering your information below.


Primarily, your FHA lender will be looking at paystubs, identification cards, rental history, residence history, and cash available. Although FHA is a low to no money down loan program, the more money you have in savings will help the lender approve your bad credit home loan. 


money in savings that will not be used to purchase the home is called “reserves”. Reserves are viewed as a safety net if you were to run into financial trouble. As an example, if your new mortgage parent was $1,400 a month and you had $2,800, you would have two months in reserves. In other words, if you lost your job, you could make your mortgage payments for two months. You can use a 401k for reserves or stocks and bonds. 


Using an FHA bad credit loan to purchase a homeeans you will need to find a home that meets FHA’s minimum property standards. FHA wants to make sure that the home you are buying is safe and comfortable. You are more likely to make your mortgage parents if you are not spending money on repairs and are satisfied with your purchase. To learn about all of the FHA property requirements click here. 


To start the eligibility process give us a call at (518) 324-5544. We lend in all 50 states.

Get Qualified

Check your eligibility for a government backed home loan program