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Buying a home is an investment in your future. Even with bad credit you
can start the process of rebuilding your credit and building your net
worth through your home's equity. By monitoring your credit, researching
lenders, and selecting the right loan, you can purchase a home at
reasonable rates.

Fix Your Credit First

Before you start shopping for a mortgage, make sure that your credit
report is accurate. Follow up with the credit monitoring service to make
sure all errors are fixed. You can get a free copy of your report from
several companies.

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While credit events remain on your report for up to ten years, they
cease to be important after two years. So with a bankruptcy three years
ago, it is possible to qualify for an "A" rated mortgage.

But there are other factors that determine your loan rates, such as
your cash reserves and the size of your down payment. You can qualify for
a conventional loan rates even with a poor credit score.

Avoid The Wrong Kind Of Lenders

There are companies that would take advantage of your credit situation.
They would have you believe that with bad credit, you will have to pay
huge closing costs or rates double or triple of conventional loans to
buy a home. Run from these lenders.

Subprime lenders offer bad credit loans at one to two points higher for
each drop in credit rating. And loan fees are comparable to
conventional loans. In order to find these companies, you need to request loan
quotes.

With online lenders, you can receive these loan estimates within
minutes. Based on your personal information, you can get a realistic picture
of your loan costs and mortgage payment. And when financing through a
subprime lender, you don't have to pay for private mortgage insurance if
your down payment is less than 20%.

Keep An Eye On The Future

When negotiating your mortgage, make sure you have the option to
refinance in the future. Ask for no early payment fees, so you won't have to
pay thousands if you choose to move or refinance.

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