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Bad Credit Loans

Bad Credit loans which are technically called "sub-prime loans" can help you buy a home even if you have bad credit. Mortgage lenders consider the following most common types of credit issues "bad credit":

  • Credit scores below 620
  • More than one thirty day late payment in the last two years
  • Any collection accounts, judgments, repossessions or liens
  • Bankruptcy which was discharged in the last three years
  • Foreclosure in the last four years

Even if you have any of the above credit issues you may still be able to qualify for a bad credit loan to buy a home but keep in mind that you will pay a slightly higher mortgage rate for a bad credit loan because of the risk to the mortgage lender.

Bad Credit Loan Programs

Bad Credit loans are available for almost every type bad credit issue. Below are some highlights of most common types of bad credit loans:

  • 80/20 bad credit loans - this 100% piggy-back loan option allows individuals with a credit score of 580 or higher to buy a home with no down payment.
  • 100% single bad credit loan - this sub-prime loan is also a 100% option but instead of two loans you have a single loan for the entire amount. This type of loan requires a credit score of about 585 or higher.
  • 75% bad credit loans - With a 500 or higher credit score you can buy a home with bad credit if you have 25% down payment available.

These samples of bad credit loans are simply to provide you an idea of what types of bad credit mortgages are available to help you buy a home.

Bad Credit Loan Qualifying

Bad Credit loan qualifying is easier than qualifying for most other types of home loans. Bad Credit loans are more lenient with credit and income qualifying. Learn about Bad Credit loan qualifying now.

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