There are more mortgage loan programs available now for borrwers with bad credit than ever before in history. Even the popular Option Arm programs are often available to homeowners with some derogatory credit.

There are loan programs available that will ignore derogatory credit such as collections, judgements, chargeoffs. Get in touch with us to see if you qualify, you may be surprised at some of the programs available. Stop throwing your money away on rent and see if you qualify for a mortgage loan today!

Lenders commonly use three criteria to underwrite a mortgage application credit, income, and assets. If a loan applicant's has poor credit history, he can get home financing as long as his other two qualifications are good. If the home buyer's income and assets situations are not as strong as they should be, there are sub-prime banks that specialize in bad credit mortgages, although such poor credit mortgages often carry higher interest rates.

If for some reason you still are turned down for home financing with bad credit there is still hope! Your mortgage broker should be able to refer you to a good credit repair program. Many times these programs can help you improve your credit score in a in short amount of time.

A qualified mortgage professional can help you get approved for a loan even if you have poor credit. Many people who think they have poor credit can still qualify for some traditional conforming loans. Those who do have more serious credit problems still have many options available through sub-prime and niche lenders.

In the past mortgage programs were only available through banks with 20% down and you needed to have a good credit rating. Along with that your DTI or debt to income ratio needed to be around 41% or below to qualify. With the lenders that are now considered Sub-prime or Non-prime you can get a loan one day out of bankruptcy, with up to a 55% DTI or even if you have mulitiple lates on your credit report. The guidelines are different for each lender and program.