If your credit is much less than excellent, you might think that home ownership is just a dream. But, really, it is feasible to get a home loan even when you have a low credit score. You’ll have to make a couple of trade-offs, but you’ll be able to get approved for a mortgage loan–even with poor credit–if you: Pick out a “special” loan Specific home loans–like FHA loans or VA loans–are specifically developed to help Americans accomplish the dream of home ownership. As a result of this, they’ve lower down payment requirements and much more lenient criteria for approval, so even those with a shaky credit history can acquire one of these loans. You’ll have to meet certain criteria–such as Veteran status or income restrictions–and you might need to pay a bit additional on your interest and fees, too. Most mortgage lenders are going to be able to help you find one of these loans. Save a bigger down payment In general, the far more you borrow, the higher risk you might be to the lender. So if you have low credit, it is a good idea to save as much as possible for your down payment, even if this means waiting a couple of years to buy a home. If, for instance, you want to buy a $150,000 property and you only have $10,000 as a down payment, you will should borrow a whopping $140,000 from your lender! But if you have $50,000 as a down payment, you will only need to borrow $100,000. From a lender’s point of view, that bigger down payment makes you a more attractive borrower, which means you are a lot more likely to get approved for the home loan. Get special support Quite a few states, localities and other organizations have programs developed for “special needs” borrowers. These programs can allow you to qualify for a mortgage even if your credit is not excellent or your down payment is not major. The programs vary: some are like grants, which tack extra funds onto your down payment, whereas other people are actual mortgage lenders. Search the web to obtain mortgage assistance programs within your location. Don’t let a low credit history makes you abandon your dream of owning your own home. You can find lots of selections available for a mortgage loan if you’re willing to do more investigation.