If you have bad credit and want to secure a mortgage, you are not alone. Research studies indicate that 25 percent of Americans have poor credit, and many of these individuals are in the same position as you. Mortgage options for bad credit consumers do exist. Also, finding a mortgage lender who specializes in dealing with bad credit consumers may be easier than you think. Here are some ways you can find a mortgage lender who will help you qualify for the bad credit loan that you need.

Research Private Bad Credit Lenders

Certain lenders will only deal with bad credit consumers. The downfall of working with a lender who specializes in providing bad credit loans is that the loans may have high interest rates or fees. Some of these lenders may prey on the desperate circumstances of an individual with bad credit.

If you are going to work with one of these lenders, you may want to check with the Better Business Bureau (BBB) or Federal Trade Commission (FTC) to find out whether any complaints have been filed against the lender.

Consider FHA Loans

The federal government has made FHA loans available for low-income or bad credit individuals. The federal government does not directly administer the FHA loans. Instead, the U.S. Department of Housing and Urban Development (HUD) maintains an online tool to help you can locate an FHA lender. You can visit www.hud.gov to find an FHA lender near you.

Get Pre-Approved for Bad Credit Loans

Buying a new home is possible with bad credit loans. You no longer have to wait until your credit cards or loans are paid off to qualify for a new home mortgage. Start working with a bad credit lender to explore your mortgage options and get pre-approved for a mortgage.