Mortgage Loans for Bad Credit

There are several options if you are looking for mortgage loans for bad credit.

1. 2/28 Loans are loans that have a low rate and a good payment for the first 2 years and then begin adjusting in the third year. The rate increases can be dramatic so it is important to fully understand the terms of this kind of loan.
2. 80/20 loans are a combination of first and second mortgages which enable people to have a low or zero downpayment. Payments can be higher due to high interest rates but if you have a good income but no down payment this can be a good option.
3. Longer term fixed rate loans like 40 or 50 year loans can be a good option while avoiding an ARM which many people find reassuring.

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