In our today economy (recession, value of the houses are falling off) there are a lot of people having problems with foreclosures and other nasty stuff, people selling their house and even people who want to spent money and get a mortgage with bad credit. Any of this situations is possible and you have to think about them before you're going to do something. Your credit score it's very important and you have to think about your options before doing something that could harm it. If you have a good credit score it will be easier to take all kind of things, mortgages and loans from traditional lenders, but when you have a bad credit score your options are limited and you have to think about that before getting some money you could not pay back. Not everyone knows exactly how to handle their money, there are a lot of people just getting out from school and they do not know how to handle their money, and because of that they could play not nice with their credit score - if you have a late payement of more, you could have problems and decrease your credit score.

   So, what kind of loans could you get when having no credit or a bad credit score? You may get rejected from traditional lenders (credit unions, banks and other stuff) and because of that you should consider other options like bad credit lenders so called sub prime lenders for mortgages, etc. In this case those lenders are called sub prime mortgages in order to help people with bad credit to get the house they want or their first house. Also, be sure you know all about your credit score and do not do further mistakes about it. It's very important to check your credit score (because you should be working on improving it) and because of that you need to monitor it. Monitor your credit score in order to see how everything it's working out - an improved credit score, a good credit score it's always better because the interests are lower and you don't run so much to get a mortgage loan.

   In the case of sub prime mortgage lenders you are going to be pay more money at first and the interest will be bigger - they get into some big risks with you, so it's understandable - if you would wanted everything to be easier, you would have a good credit score - simple as that. 

   Another thing you have to be aware off, before starting to search sub prime lenders for your mortgage (online, offline) is to be sure you do a great research - not all of them are reliable and you don't want to have any other problems or get an insane interest rate in the future. Better do a first initial research on your best, rather than having problems in the future. 

    There is another options to help you to get a house, in this case is backed up by the government - fha loans - this are very good when you have a bad credit/no credit, because they are not going to look at your credit score, if you qualify for them. Because the government backs this loans, this is a better options rather than bank loans. This are also better because when you have no credit or a bad credit score you're going to pay a lot more money with sub prime lenders or any other type of lenders, because they have a business and take a risk in order to give you the money you want.