Is there a bad credit mortgage?

There are 4 options for borrowers with bad credit, option one is to to simply wait, clean up the credit and apply for a loan depending on the nature of bad credit it be fast or very lengthy process. Option 2 is to work with the existing lender to modify the loan term reduce the payments the rate and even the loan balance. Option 3 applies in case the borrower have a lot of equity in the property then hard money might be a good solution to convert equity to cash. Option # 4 is to try for an FHA loan, that option may require that the all collection accounts and present time lates are being brought currant. At www.lendinguniverse.com a borrower can find experience brokers who are able sometimes “make things happen” and put the loan together. It requires that borrowers talk to several lenders and never give up.