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Step 1
The first step in a bad credit home loan purchase is to find lenders who lend to bad credit borrowers. You should make sure you have your employment info and check stubs. You will need to show you have an adequate income to repay the loan. You will now ask the various lenders for the best rates they can give you and if they will approve your loan.
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Step 2
The second step of bad credit home loan purchase is to put down the highest down payment you can handle. It is important to put a large down payment because with bad credit your interest rate will likely be rather high.
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Step 3
You should now focus on improving your credit. If you are able to steadily raise your credit score you should be able to refinance at a much better rate. Make sure before you sign any contracts to have a lawyer look it over for you.
