You are not alone! More people than you could ever possibly imagine have qualified for a home loan or mortgage refinance with bad credit.

If your credit history contains a few entries that you're not too proud of, you could look at bad credit refinance options or an FHA loan if your a first time buyer. There are several lenders from whom obtaining a secured home loan is possible even with extremely poor credit. If you have had credit problems in the past, a lender will consider you to be a risky borrower to lend to BUT the lender will still consider. To compensate for this added risk, the lender will charge you a higher interest rate and usually expect you to pay a higher down payment on your home purchase (typically 10-20% down). The worse your credit is, the more you can expect to pay on your interest rate and down payment.

If you have been late less than three times on your credit payments in the past year, and the payments were no more than 30 days late, you probably have a great chance at getting a home loan at a competitive interest rate. Lender guidelines will vary, but most lenders will excuse a couple of minor 'late-pays' as long as the borrower can provide a reasonable excuse explaining them (i.e. job transition, illness). If the late-pays were 60+ days late and cannot be explained, you may have to settle for a higher interest rate.

The key to getting a good rate on bad credit refinance is research. Don't be discouraged if some lenders make too much of your credit history and offer a home loan mortgage quote at a prohibitive interest rate.  We with customers regularly whom have bad credit, we can make any situation a great situation. More people than you think are getting qualified with great rates. This is the best time to make money off the equity your house has gained. Take a couple of minutes and fill out my quick and easy application, I’ll do the rest…