May we never enter into this situation. Unfortunately some of us are and what is therefore the best mortgage policy to take at this stage.
You can approach your financial institutions. Most have financial products for those with damaged credit. And interestingly, the interest rates may only be slightly higher.
Do note however that you may not qualify if they consider your credit as being too damaged. It is a risk one faces.
But there are still options open.
Fortunately, the two government mortgage sisters, Freddie Mac and Fannie Mae offer products targeted to sub-prime borrowers which is tyhe category those with damaged credit fall under. You will have to subscribe for this service through a traditional lender. They will readily assist.
What if you still don't qualify.
There are still option in the form of sub-prime lenders whose specialty as already mentioned is lending to those with damaged credits.
You may however have problems coming up with the required downpayment needed to obtain a loan.
Fortunately there are sub-prime lenders who provide with no down payments. This is great in such instances. Note however that you will be prepared to pay a higher level of interest due to the riskier nature of the loan.
Your prayer is that you should not be tied to this high interest regime forever.
When searching for a sub-prime lender carry out a thorough search and compare rates. Do not just accept anything thrown to you simply because you desire a home and your credit is bad.
You can conduct a thorough search using Google. You can also enquire from friends and family especially those with damaged credit. Endeavor you do not get ripped off.
At present, this is the best mortgage options available to those with bad or damaged credit.
Once your credit problems have been sorted out and your financial situation improved, one can seek out a typical mortgage at preferential terms that saves one a lot of money.
With the above steps, you will be on your way to having some of the best mortgage opportunities available to you.
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