If you're a first time home buyer that doesn't have good credit, don't despair. In a post on home loans center they have some tips on how to secure that elusive loan.

There are now unique mortgage loans out there that you can apply for, that can get around your credit woes.

You can be accepted for a home loan even with unfavorable credit troubles like bankruptcy, foreclosure and other issues that cause your credit score to be poor.

Here is what Home Loan Center says:"First Look at Companies That Specialize in Bad Credit Mortgages - Bad credit mortgage lenders or otherwise called, subprime lenders, are always the best place to look first. Bad credit mortgage companies specialize in lending to people with less than perfect credit to very bad credit, even if they are first-time buyers. The may charge you extra over the life of the home loan mortgage than would have otherwise been the case had you not had the bad credit history, but that's why they're in the business!"

"Consider an Interest Only Mortgage to Compensate For the Higher Payment - Many home mortgage lenders offer loans to applicants with poor or bad credit history for interest only home loan mortgages. With an interest only home loan, the borrower is only required to pay the interest part of the home loan mortgage. The principal amount is due years later, depending on which type of loan you get. This kind of loan can give you the time to fix your credit and qualify for a better interest rate."

The key to understanding all of this is that you will pay more for a mortgage because of a low credit rating. Keep that in mind as you search for companies that are willing to loan to you. Then ask yourself the question if it is worth the extra cost. If after a few years you're able to increase your credit score, there is a good chance that you'll be able to refinance and get better terms.

Low credit scores don't have to keep you from your dream.

Here is a place you can go to check out some lenders