You can get a mortgage even if you've had credit problems in the past or have a somewhat blemished credit history now. Unfortunately, many people have been wrongly informed that unless their credit is absolutely stellar, they either won't be able to get a mortgage, or if they do they'll be forced to accept an unfavorable rate. However, this is simply untrue, and in fact the vast majority of people that apply for and are awarded mortgages have less than perfect credit. If this sounds like you, read on to learn how you can get a mortgage even if you've had some credit troubles.

Under new FHA (Federal Housing Administration) standards going into effect in July, mortgage borrowers will have a number of unprecedented opportunities to continue to pursue a loan even if their credit is troubled – including delinquent and collection accounts. These new standards stipulate, among other things, that;

*Borrowers whose credit reports show debts that are in dispute will see reprieve in that these types of debts will not be counted against them. This means that if you dispute a debt because it is invalid, was the result of identity theft or other types of fraud, these items will not count against you during the mortgage lending process.

*Mortgage borrowers who have legitimate debts in collections can still apply for and be granted a loan, but they must first work out an approved payment plan with the creditor and make 3 consistent good faith payments before the mortgage loan can be written.

*Potential borrowers also have the option to payoff delinquent or collections accounts; court ordered judgments must be paid in full under the new rules in order for the mortgage to go forward.

These new rules were set to go into effect earlier in the year after a major industry overhaul, but many lenders were not yet ready to properly implement these changes to ensure that borrowers are able to buy the right home for their particular financial situation. Therefore, most of these new rules won't set in until July 1.

However, even before these rules were ordered by the FHA and HUD, many mortgage lenders were already making independent credit-based decisions. The idea that your credit score is the only thing that determines whether a person can get a home loan or not is outdated and unfair, and lenders have regularly made decisions based on mitigating circumstances.

This means that despite popular conception, it's always been possible to obtain a home loan (under the right situation) with less than perfect credit. In fact, some people have even been able to have a mortgage written after a bankruptcy. It's all about your particular circumstances now, and a combination of these factors that a lender will consider when you apply:

Ability to Pay: does the applicant have the ability to pay?

Stability in Paying: does the applicant have the stability to continue to pay for the duration of the loan?

Willingness to Pay: does the applicant's history demonstrate a willingness to pay debts legitimately owed?

In many ways, these questions and their answers can be more important than what is on a person's credit report, but often the two will mirror each other. In order to find out what type of mortgage you can qualify for, call a professional mortgage company now for an immediate consultation, or fill out an online application form on those sites that offer them. Even if your credit is less than perfect, you can still get the home you deserve. Call to find out for yourself now.