There are home loans for people who have had (or are having) credit problems. Generally, the worse your credit "score", the more you must put as a down payment and the higher your interest rate. The only way you can know for sure how your credit is scored and what loans are available to you is to make a pre-qualifying application with a mortgage company like First City Financial that has a full scope of loans including "subprime" loans.

Sometimes it's not as bad as you think! Even a bankruptcy does not necessarily mean you have to take a "subprime" loan. If your bankruptcy was discharged at least two years ago and you have re-established credit since then, you can probably get an "A credit" loan at the best possible interest rates.

If you must take a "subprime" loan, it is probably still better than renting. Although your interest rate may be higher than you wish, you can always refinance your loan back into a lower rate as soon as you have cleaned up your credit issues. Your mortgage loan officer can counsel you on the best way to do this.

When in doubt, have a loan officer check it out! Never assume you cannot get a home loan.

SAVE MONEY ON NEW MEXICO REAL ESTATE BY PRE-QUALIFYING ON LINE!.

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