Special mortgage situations affect many people who are interested in a home mortgage. Many of these people are first time buyers, buyers with little credit, no credit, and especially those who require a bad credit mortgage. You can find loans for these special situations. The loan industry has boomed in the past few years and with the advent of the Internet there is a potential to reach more buyers with special needs, especially those who are in these unique mortgage situations. This is a special advantage for those in a unique situation and need a mortgage but previously believed it was not possible for them to obtain a mortgage.

Who may need information about a special mortgage situation? Borrowers who find themselves in the difficult situation of having a low credit rating or have little or no credit at all may need to do more research to find a mortgage that is right for them. Mortgage lenders look at how many accounts you have open, how long you have maintained those accounts, if you have any past due notices, and how much you currently owe. It is important that you are also aware of what is on your credit report before meeting with a special situation lender about borrowing money. Finding out your credit rating is easy. Credit rating companies are now required to offer one free credit report a year. You can easily obtain a credit report through the Internet or by calling a toll free number. Here is a website where you can obtain all 3 credit reports free of charge, once per year. Remember that there are different credit score rating systems, so be sure that you know which credit score your special mortgage company may be using.

Another important factor to keep in mind if you are in a special mortgage situation is what type of special mortgage you will want to acquire. Remember that there are a number of different special mortgage loan options available so it is important to research which is best for you. There are FHA loans, VA loans, conventional loans, special government loans for low-income or bad credit, and first time buyer loans. As well, there are different interest rates with different options like adjustable rate loans (ARMs) or fixed rate loans (FRMs). If you are not sure what type of special loan you will need, ask questions and ascertain what is right for your particular situation. The job of a loan broker or loan officer is to answer any questions you may have during the mortgage application process. 

There are mortgage options available for special mortgage situations that offer a low down payment. Remember that these loan options may come with some disadvantages, like paying for private mortgage insurance (PMI). Although the borrower is responsible for paying the monthly PMI, it actually covers the lender in case you default on the loan. You may also be faced with higher interest rates. These are all considerations that you need to be aware of and that should be discussed with your mortgage company before you begin the mortgage application process.

A good place to start is with an Internet search. Someone who is handicapped might be eligible for a special loan program, and typing in "handicapped mortgage" into a search engine might help you find a mortgage program with special rates. There are even mortgage programs for illegal immigrants -- just try a few web searches and be creative with the keywords you use to find a program that could give you special consideration for your home mortgage.