It is not possible to get a home loan or a mortgage refinance with bad credit.  You have to undergo credit repair before applying for a bad credit home mortgage loan.  You have to pay off your debts before applying for bad credit home loans.  Bad credit lenders don't give second (2nd) mortgages or home equity loans to people with bad credit.  Its harder to get a mortgage loan in in some states if some states.

Myths like this coupled with lack of knowledge and wrong guidance is preventing people with bad credit from exercising their options towards getting a home loan, mortgage refinance, or a home equity loan. The reality is that when conventional mortgage brokers say no to people with bad credit, bad credit lenders say yes. They are lenders who make home loans to people with bad credit, low FICO scores or poor financial history. People with poor credit will find it extremely difficult to qualify for a convention mortgage loan. This is where a bad credit lender or a subprime lender will come handy. Bad credit lenders play a substantial role in serving serve a huge portion of American population who do not qualify for prime mortgages.

Here are some facts about bad credit home loans:  It's completely possible to get a home loan or mortgage refinance if you have poor credit. In fact, you can get no money down loan in spite of the fact that you have bad credit. In the past our company has helped out several people with bad credit all over the United States to get a low down or no money down loan..  You do not need to undergo credit repair before applying for a bad credit home loan. However, keep in mind that any kind of credit repair can only help you by getting you better loan terms of by making you qualified for more number of bad credit loan programs.  In some cases people may have to pay off some debts in order to get the best possible interest rate. However, in some cases there is no need to pay off any debt. Sometimes, paying off the debt may even hurt you. Sounds strange but true!

This doesn't mean that bad credit lenders will say yes to everybody. They still have their underwriting guidelines. A bad credit lender or a subprime lender is making a loan where their chance of getting their money back is lower than somebody who has a better credit scores. Therefore bad credit lenders and subprime lenders will charge higher interest rates on poor credit home loans.