Bad Credit Mortgages: Know Your Options for Bad Credit Mortgage Loans

Having bad credit no longer prevents you from borrowing. There is now an entire lending industry that caters to borrowers with poor credit. In the mortgage sector these bad credit lenders are called sub prime mortgage lenders. These lenders have a variety of loan programs including 100% financing, cosigned mortgage loans, and government backed VA and FHA loans to help you secure the financing you need.

No money down programs have become increasingly popular. Have bad credit and no money for a down payment? Think youre out of luck? Think again; there are many 100 percent mortgage options available for homeowners with poor credit. The most popular of these is the 80/20 mortgage which allows you to avoid paying Private Mortgage Insurance. An 80/20 mortgage is actually two loans, often from two separate lenders. The first 80 percent is financed with one lender and the remaining 20 percent from another, meaning you will often have two mortgage payments to make each month. Another option for homebuyers with poor credit is a cosigned mortgage. It is much easier to qualify when someone cosigns for your mortgage, and that person does not have to live with you. If you have a relative that will cosign your loan you can qualify for much better rates and terms on your mortgage.

There are also government programs you could potentially qualify for. The VA offers mortgage programs for Veterans and the FHA offers programs to help low-income homebuyers qualify. These agencies do not actually lend money, they simply guarantee the loan. To learn more about your mortgage options including common mistakes to avoid, register for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

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