Look Online – Check Internet - The Internet is wonder of modern age and with it comes all sorts of answers to previously unanswerable questions. In case of Internet, many companies are advertising that they are willing to lend to first-time buyers who have a bad credit history. All you need do is look for them.

Consider an Interest Only Mortgage to Compensate For Higher Payment - Many home mortgage lenders offer loans to applicants with poor or bad credit history for interest only home loan mortgages. With an interest only home loan, borrower is only required to pay interest part of home loan mortgage. The principal amount is due years later, depending on which type of loan you get. This kind of loan can give you time to fix your credit and qualify for a better interest rate.

You can be approved for a home loan even with adverse credit problems like bankruptcy, foreclosure and other problems that cause your credit score to be low.

If you have filed bankruptcy in past and would like to purchase a home, there are numerous programs and loan products that will suit your needs. Lenders will approve your loan quickly and give you excellent terms on your mortgage. Some lenders will require that a certain amount of time pass before approving a new home loan after a bankruptcy while other lenders can approve your loan in a little as one day after your bankruptcy has been discharged. Now is perfect time to apply for a mortgage, even if you have filed for bankruptcy in past.