If you have bad credit, you should not despair because even though you think it is impossible for you to get a loan; it is not. You see, there have been many changes over the years in the lending industry; most notably is the recent advances in the internet. These changes, coupled with ever increasing competition between banks and lender to get you money, have led to the ability for someone with bad credit to obtain a loan to purchase a home.
Of course one of the downsides is that these loans also usually feature a much higher interest rate, as a person with bad credit history is considered to be a higher risk. This does not mean that you will not be able to get a fairly descent interest rate, it just means that those occasions are rare.
Keep in mind that a home loan is a secured one in which the home itself was pledged as collateral for the loan and in the event that you fail to pay, the home can be repossessed, sold and the loan paid off.
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