When you are young (for example you have just finished college) then is a natural thing for you to stay alone (maybe with your girlfriend or future wife) and buy your own house - but there are a few people who really have the money in order to pay their house with the money down. In this case you need to get the money in order to buy your house, but you really need to consider all the options, not to have any more problems, problems with the money you could not give back. Mortgage loans for people with poor credit are certain types of loans for people who have a bad credit - basicaly they are bad borrowers and have debts and because of that traditional lenders are not going to give you any money to pay or buy a house. In this case you should not get disperate, you should do something in order to get those money/loan from some lenders that are so called sub prime lenders or bad credit lenders in order to buy the house.

   Where is the catch with a mortgage but having a poor credit? Basicaly there is not catch, but the idea behind all those things is that you are going to pay a lot of insane interest if you are going to a private lender who's going to risk giving you the money. In this case - if the lender is risking giving you the money - you have a bad credit score and you're not a good borrower, then the interest could be big. There are also some other things you could try and research, such as secured loans for mortgages, in this case you need a collateral in order for the lenders money to be secured.

As I've been saying there are a couple of options you could choose if you have a poor credit, but you need a mortgage for your new house, your first new house that you need so much.

• unsecured loans: there are many sub prime lenders available online and you could get the money very fast; in this case the interest is big because they risk getting the money to you and this is their business, but they're going to give you the money if you need them.
• secured loans: in this case, as I've been saying, you need to put on the "table" some sort of collateral, collateral the lending company is going to have the legal right to selll and get the money he gived to you, if you don't pay any more the money. This is a tricky option for a mortgage, because if you don't have a regular and some sort of money, and you also have some sort of debts, then you could lose your collateral and house and you don't realy want that - thing more about your options if you want to do something good about your life.