A credit score is a numerical value which lending institutions use as basis for the capability of a borrower to pay for the loan he plans to take out. In the United States, credit scores are given by credit reporting organizations. Credit scores generally range from 300 to 850. People who receive a low score are regarded to have poor credit.

Individuals who have been given a low credit score which would lead to a poor credit history may still be eligible to apply for a mortgage. Nowadays, mortgages for poor credit are given by more and more lenders. How does one go about in acquiring this kind of mortgage?

Before an individual can consider mortgages for poor credit or after a bankruptcy, he should first examine his lifestyle and budget to ensure that the payment for the mortgage will not be beyond his means. Next, he should look at many mortgage lenders and what they offer. He can find mortgage lender ads in the newspaper and in the Internet.

Once an individual has chosen a mortgage lender, he will set a meeting with the lender, complete an application form for the mortgage, and submit some additional documents such as his employment certificate and bank account information. Unlike other traditional loans, mortgages for poor credit do not include credit checks, so they take less time in approving. Finally, the lender will send the individual a letter which contains the terms of the mortgage and the amount he has borrowed. Then, the individual has to coordinate with the lender to arrange the closing date of the mortgage.