Would you like to purchase a home but think it is impossible because you have low credit scores and very little money saved for a down payment? So you've given up the dream of owning your own home, having to wait until your credit scores improve or until you have saved enough for a substantial down payment.

Here is the good news: 100% financing is no longer the privilege of those with perfect credit. In fact, there are specialty mortgage programs designed specifically for those who have imperfect credit. It is understood that good people all across this county may have bad credit because of a few unexpected expenses or events; and that these good people should not be denied the right to home ownership.

This means that having bad credit will not automatically prevent you from purchasing a home, and you will not have to turn over one single penny for the down payment. Imagine buying a home this month, when you thought it was impossible because of past credit issues.

So what are some the requirements for a 100% Bad Credit Mortgage?

1. A minimum middle credit score of 580

2. No more than one late rent or mortgage payments in the last 12 months

3. Sufficient income to easily pay your monthly credit payments and mortgage (your monthly debt must be less than 45-50% of your total monthly household income).

Meet the above requirements and you are eligible to apply for 100% financing.

Concerns

Do you have concerns about collections, liens or judgments that appear on your credit report? Well, lay your concerns to rest because they are not even factored in the evaluation of your application. Additionally any collections, liens or judgments may remain open, meaning they do not need to be paid off. So not only are you not penalized for your past financial difficulties, you do not even need to pay for them now.

Benefits

There is nothing like owning your own home. Along with the good feeling and pride that comes with home ownership, there are financial benefits as well.

Unlike renting, your monthly housing payments will go towards the building of equity. You can think of it as a savings program where you are paying yourself instead of paying a landlord.

Homes have appreciated steadily and according to the National Association of Realtors, the national median home price has risen every year since 1968, regardless of periods of recessions or declining sales. Depending on your specific situation, you may also benefit from the any appreciation in the value of your home.

Lastly, and perhaps most importantly, there are tax benefits that come with owning your own home. The interest that that is paid on a mortgage is usually fully deductible on both your federal and state income taxes. This tax deduction alone may make a difference of several thousand dollars each year on your tax returns.

So perhaps you have been turned down for a mortgage or believed you would never qualify. Or maybe the lack of a down payment has kept you from buying a home.

With today's specialty mortgage programs that allow those with a minimum credit score of 580 to qualify for 100% financing, the dream of home ownership is now put within your reach. So go out and seize the day, qualify for a loan and start looking for your new home.

Lee Seno is Director of Consumer Education for Ascenteum Mortgage.

Ascenteum Mortgage is THE SOURCE for specialty mortgage products including stated income loans, jumbo loans, and bad credit mortgages.

For additional information, visit Ascenteum Mortgage => Bad Credit Mortgage