Dreaming of a home? Have bad credits? We understand how difficult your situation is, but remember no situation is as bad that you can’t overcome it. So, if you are homeless and doesn’t have funds then don’t worry, we are going to suggest you few ways, through which you can easily get the home loans despite the bad credits.

Applying with the specialist lenders

Based upon the severity of your bad credit, it is surely going to be very difficult to get a loan from mainstream lenders – but then there is no problem that doesn’t has the solution. Here comes a solution for you, that is termed as ‘specialist lenders’. These specialist lenders get their products prices as per the risk element related to their products. Though the interest rate is higher than usual, but you can always switch back to the lower rate finance, once your credits are improved.

Peer to Peer Loan

Peer to peer loan also named as P2P loan is another option to get a loan if you have bad credits.

You do not need credit union or traditional bank to get P2P loan. Loans of this kind are created by the investors and individuals. Here, the people who have enough money, or you can term it as ‘extra money’ lend the amount to the businesses or individuals that are in need of a cash and then through P2P borrowers are connected with the lenders. By applying for this loan, you can easily get a home, but don’t forget to work upon making your credits better.

Credit Union Loans

Getting a loan from credit union is much more easier than a bank as, the standards of union credit are not as strict as the banks have. Credit unions doesn’t work on profit basis, hence the financial services and loan offered by them is cheap as compared to what is offered by the banks that are profit driven. Customer service credit unions offer are higher than the banks.

Taking loan from the friend or Family Member

If you are in a good relationship with your family or have a friend that can help you in your difficult time, then taking the loan from them could be the best and most reliable option, with less or even no rate of interest. No matter how bad your credits are you do not have to worry about it as you do not have to show the records, as required in bank. Though this kind of a loan is not going to have any impact on your credits, but if you failed to pay it back on time, then you may have to bear the loss of personal relationship. Take the things forward in formal manner, create an agreement, mention the terms and conditions clearly, include the interest amount, if you are going to pay it with interest, and the duration within which you will return it back.

Loan on Retirement Account

Loan on retirement account should be the last option you opt for, because it has penalties on early withdrawal and also high taxes are associated to it. But if in case you don’t have any other option left then you may borrow the amount against this account. The positive side of this kind of a loan is that the interest paid by you will goes back to you, it is like paying interest to yourself.

Now you have enough options to get a home from being homeless.