Review your credit scores. Some people end up having bad scores just because of errors in the computation. Review the bank's report and have them fix errors in order to make your score better.
Do not expect plenty of options. It can be hard to have affordable deals if the lenders could not trust you with their money. Most of the time, you will be presented with high interest rates. In order to avoid this, you can try shelling out a larger down payment.
Do not give up. Meet with all possible lenders anyway and send your applications. There are lenders who have special deals for those with poor scores, only that these are much more expensive. The taxes and penalty fees are also higher.
Seek help from mortgage brokers. These professionals act as your middlemen in dealing with lending companies. They can help you shop around different lenders to find the ones willing to present you with loans. Keep in mind that you have to pay them a certain amount for their services, but this is still a good investment if you want to have money to purchase your own house immediately. Ask your family and friends for recommendations or browse online and newspaper classified ads.
Look for a cosigner. Find a friend or relative with better credit scores and higher salary rates to cosign a home loan with you. Although the loan is technically yours, the cosigner will take responsibility for paying monthly dues in case you fail to do so. A great deal of trust is entailed in this kind of option.
Demonstrate that you have a steady and stable income stream. Present current pay stubs and income statements from your current employer so that your lender will be able to trust you more with the financial obligation that comes with the loans. The income that you have should be enough to cover the monthly payment dues for your desired home.
If the causes of your low scores involve debts and missed payments, consider delaying your loan application for a few months and try paying off your debts. This can present you with better deals later on. It is not advisable to apply immediately after cleaning your records since it may take time before the changes register in your financial records.
You can also try considering government assistance loans since these have more flexible requirements and are less strict in the approval process compared to large lending institutions and banks.