Do You Really Need a Bank to Get a Mortgage?

You may have had financial trouble in the past. You may even have go so far as to claim bankruptcy. All your friends are probably telling you that done. You have screwed yourself from ever getting another loan to buy anything, let alone a house, for years to come. Do not listen to these people. You can still get that house you want. It may take more effort and more time, but you can get it.

Of course lenders want people that have that unblemished credit report. It is less risk for them. But, they are in the business of lending money for mortgages. If you are persuasive enough, you can get the loan. Tell the lender what happened that put you in the bad financial position you were in. You may have gone through a divorce and got the short end of the stick. There may have been economical conditions beyond your control that got you in trouble. You may have had a immense pile of medical bills that had to be paid.

You also may think hat other kinds of problems will keep you from getting that coveted mortgage. Self employed, not being at your present employment for more than two years, only having a part time job are all excuses you can tell yourself. Tell yourself you can do it. There are all kinds of loans. There are mortgage companies that specialize in loans for people that do not have a perfect credit score. Ask around, ask your Friends, ask someone you know that had poor to bad credit that got a mortgage. Ask them how they did it, who they got it through and what it took.

Another route you may want to take is owner financing. If you really can’t get a mortgage from all the programs out there, this could be the way to go. Find a property that is owned by someone that is willing to sell. See if you can negotiate with them. Let the property owner hold the mortgage. You pay the mortgage payment directly to them. The owner of the property can “lend” money to whom ever they want. The return on their loan will be much better that what they can get from the banks measly half a percent interest rate. They can get upwards of five or six percent from you.