Bad credit loan application processes are pretty much the same across the board, regardless of what mortgage loan product is being applied for; most lenders will take an application in person, online or via phone. Expect to have a credit score at least up near the 580-650 mark to be eligible for these loans; if you are close enough to those scores yet cannot obtain approval, most lending institutions will tell you the steps that are necessary to get these loans approved. As you can see, having an adverse credit profile never thwarts the average or credit challenged borrower anymore; all you can do is apply and find out what you need to do from there to get an approval.

Numerous mortgages brokerages exist that will offer interest rates that fluctuate at or near the federally mandated rates; the same firms have their own special credit programs that lean towards the credit score-challenged borrower. In order to begin a search for these, simply have a few houses in mind and then contact a company like Sallie Mae and find out what is necessary for you to get approval. A company like Ditech will do the same as well; some may even provide assistance in repairing bad credit profiles, too.