My Jar Loans alternative


Going to the Lender

Approaching the right lender is an important part of securing a home loan with a less than perfect credit rating. Under ideal circumstances, you should be approaching a lender with whom you have successfully done business in the past so that relationship can be used to your advantage. Generally speaking, the bigger the lender and the more resources at its disposal, the better the chances that it’ll take on a risky borrower as a customer. You should also look into lenders that specialize in lending to customers with bad credit by using comparison shopping engines dedicated to finding home loans. Although most such lenders tend to compensate for the increased risk by charging more interest, there are also those that might be sponsored by government programs designed to encourage home ownership. For example, FHA-insured loans are easier to secure and have fewer hurdles if you are living in the United States.

Saving Up

Saving money for a bigger down payment is one of the best ways to both reduce future debt burden and increase your chances of getting the loan. The less money that lenders have to lend, the less risk for lenders and the more willing they become to lend.


Bear in mind that getting a home loan with poor credit is simply impossible in some cases. If you have followed all of these steps and still met with constant failure, you might need to fix your credit rating before you try again in a few years. Taking the time to fix your credit rating not only helps you get loans at better prices, but also gives you the time to save up so that you can afford to borrow less when the time comes.

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