The first thing to remember is that no matter what your situation is, there is a solution. Some solutions come quicker than others, but be patient.
Do you have poor credit and want a mortgage?
Remember that creativity is the key to finding a solution. Although your bad credit rating may have been caused by things out of your control -- job loss, income reduction, divorce, health issues -- you still have options. Can you still go to a lender and try to get a loan - yes. However, their fees and terms will be harsh (to say the least). It's like adding insult to injury. If you enter into one of these loans in an already compromised financial status, your chances of recovery are slim to none. There is another option today for those looking for a less painful way to home ownership -- seller financing. You virtually eliminate the bank and go to the heart of the deal. No one is reviewing your credit and giving disapproving advice or rejection. No lenders will be taking all of your information, just to not receive a phone call because they don't want to spend the time explaining to you why you have been denied. No need to feel even worse about the situation you find yourself in - not being able to go to the lender or bank you felt you could always go to. No, not today, it's time to make your own path. There are many sellers in today's market that are willing to hold the note (be the lender). Why would they want to do that, you ask.......they will earn interest on the money they lend you (instead of the bank receiving the interest). They won't have to pay fees to realtors or mortgage brokers. They will be able to reposess the home if you default on payment. Having said that, the reason you, the buyer, want to look at this option is......you do not have to pay all the excessive lenders fees (and they are excessive especially if you have sub-prime credit), you don't have to worry about explaining all the dings on your credit, you may be able to get into the home with little or no down payment and you can negotiate the terms of your loan (all of which should be put in writing at closing.....don't rely on strictly verbal agreements).Seller financing can be a win-win situation for both parties!