Everyone and their mother is looking for information about bad credit mortgages these days. Believe me, I understand: I was once in that position. But what I learned can really help you to get that house that you want, (almost) regardless of what your credit is really like. Oh, it’s in the toilet? Well, let’s see what we can do anyway.

Basically, you have to understand that times have changed now that Obama is in the White House.  There is a certain amount of extra pressure on lenders to simultaneously lend more and make safer loans. Is this possible? Of course not! In fact, there are more people with bad credit right now than at any point in American history prior. Just think about all the record foreclosures and bankruptcies that have just taken place (and continue to increase everyday).

So with the current economic climate as our backdrop, we can now safely delve into how to get mortgages for people with bad credit. Basically, it’s just a matter of realizing that despite all the craziness of the past year, there are still many shady lenders operating. All they do is reconfigure themselves so that they are now, once again, “technically” compliant with the law. And then they get to work seeking out shady loans to make to people with poor credit. (That would be you.) The truth is no reputable bank is going to directly lend money to you; you’ve got to find one of those fly by night operations. (Their commercials are still playing on TV.)

So, for those who need mortgages for bad credit there is still hope. It may just take a bit more than it did at its peak in 2006. But believe me, all the same crooks are still out there looking to make a quick deal with a low credit family and then pass the thing off to some bank to be packaged into some obscure financial product. Just try to find them. Their ads are probably all over the web. These are the only people who are going to do a deal with you, sorry.

And you will have to pay more, higher interest, etc. Who cares? You are just looking for a way in, aren’t you? So forget about all the traditional routes and seek out shady lenders. That is what I suggest to you. It’s going to take a bunch of shenanigans for you to get a mortgage because the truth is your bad credit is a real turn off for anyone looking to do a traditional mortgage. So get to work searching out the darker corners of the economy. Surprisingly, sometimes they are right in front of your face; blaring across the TV in between news stories about how shameless the lending practices of the mid-2000’s were, etc.

I know this may not be the type of information you were looking for, but it’s really the truth. People elsewhere are going to tell you to “work on getting your credit score up” (duh!?) and “save up a bigger down payment”. My guess is that if you’re searching for information on bad credit mortgages you probably don’t want to be given some platitude about doing what you know you should’ve been doing all along.