Mortgage Turned Down? Don't Give UP

Facing foreclosure? Trying to buy a house?

Mortgage turned down? Don't give up. There are lenders such as FHA and private lenders who make loans to those with poor credit.

Bill's house is in foreclosure. He lost his job and the payments fell behind. Now he is working again but he can't catch up on his delinquent payments. Heather had a car repossessed last year when she couldn't afford the payments. Now she has paid off her debts and wants to buy a house. They been turned down for several mortgage applications.

Bill and Heather are not considered good credit risks and will not be able to get a traditional bank mortgage. They can not "clean up" their credit reports because all of the information reported is correct. The delinquencies will not go away.

But there is hope for Bill and Heather. Some lenders are offering special loan help for those in trouble and that have been turned down elsewhere.

FHA Loans

Prime credit borrowers can get loans anywhere and also have the privilege of shopping for the lowest rates. But, in the past those with poor credit have been turned down for a mortgage. It is somewhat tougher now but there are still mortgages available in the form of FHA loans See if you are eligible for an FHA loan at LendingTree.com!

If your credit is awful, you probably cannot get any kind of loan. Nevertheless, make the effort to pay your bills on time for the next two years and you can get a new start. Most good things in life take a little planning, so plan now to get what you want. Just do it!