Having a bad credit score should not hinder you from seeking a home loan. There are several home loans for poor credit which refer to any type of mortgage offered from either a specialized or non-conforming lenders to people irrespective of their credit situations. Some governments have also sponsored programs to help homeowners who are desperate to keep their homes or those with bad credit to buy their own homes. This means that even people with great marks in their credit files can still have access to these loans. Here are some of things that can help you get a home loan to buy a house when you have no money and poor credit.

1. Show ownership proof of assets

You should give some proof to loan officers that you actually own some assets and that you can be able to pull all those assets to offset the mortgage. The proof can be in form of life insurance and other assets whose current values can settle the debt comfortably. With this you are likely to get a loan approval within a short time.

2. Credit report

You can as well obtain your credit report from either of the 3 major bureaus which include; Experian, Equifax and TransUnion. These bureaus are accredited and therefore they offer annual copies of credit reports to those who need them. Once you obtain the credit report you can easily dispute any error and make a request for its removal. Any correction may in the long run help you rebuild your credit rating and once you need a loan you will be given quickly.

3. Cosigner details

Additionally, you should choose a cosigner with good credit to show your commitment to pay back the loan and to help you in case you default payment. The cosigner must be someone close to you either a relative or even a close friend who trusts you. Cosigner will be accountable if you default payment and the credit rating impact will apply for both of you. Therefore, with a sufficient cosigner there is a higher chance that you will get the loan approval quickly.

4. Attach evidence of a new found financial strength

It is important to submit all information about your income as well as financial status to the lenders for determination. This is because the bad credit you are having may have been caused by such situations as; loss of job, divorce or even death of a loved one. After such happenings there should be a proof that you have tried to recover by saving and seeking for a new job. In addition, include other paperwork such as; summary of your new income and expenses, assets, liabilities, tax returns and recent pay tubs. This evidence may help you to negotiate better terms and earn an easy loan approval.

5. Pay more on down payment

It is notable that the larger the amount you pay for down payment the quicker it takes for the home loan to be approved. Paying for down payment has been a problem for many in the past. This you can pay by seeking assistance from state or municipality sponsored programs. With help you can pay and get the approval easily.