Are you trying to apply for a mortgage? What if you have bad credit? Believe it or not, your dream of owning a home can still become a reality. If you have credit problems due to bankruptcy, foreclosure, or late payments to your credit card or other bills, there is no need to stress out.

Good credit scores can drop very quickly, but it’s also possible to improve your credit score so you too can qualify for a home loan. You can begin to improve your credit in a number of ways, including the following:

  • Start making payments on time and making them in full.
  • Prove that you have been steadily employed for at least one year.
  • Stick to your budget and build up savings, and you may begin to qualify.

However, if you don’t have time to improve your credit score, there is still hope for you.

If you are attempting to pursue a home loan immediately, you need to know that an FHA, or Federal Housing Authority mortgage, may be fully available to you. If you qualify for an FHA, which is much less expensive than other mortgages, you can still purchase your own home with poor credit. Other mortgages may also be available to you, but the rates will not be favorable if your credit is still poor.