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It's possible to get a bad credit loan for a mortgage even if you think your credit really stinks. If you have a bad credit rating because you have lot of debt or you have been late for payment deadlines in the past, you will probably have a high interest rate on your loan, however. But if you've worked to improve your credit rating in recent months and years, you might find that you can secure a better interest rate than you might have thought possible.

A bad credit loan for a mortgage is open strictly to those with poor credit ratings. One way you can do this is by putting up your house as collateral on the loan. This might be too high a price for many people seeking a bad credit loan for a mortgage, because should the homeowner get laid off or otherwise hit hard times, and be unable to make a mortgage payment, he or she will instantly lose that home-and we've seen plenty of that during this most recent recession.

There's also a bad credit loan for a mortgage known as an "unsecured loan." Basically, this is a loan that is much smaller than many other mortgage loans, and the application process for these loans can be tricky, but the upside to them is that you won't have as much at stake in terms of collateral. When it comes to any bad credit loan for a mortgage, however, you start your search with low expectations. It's likely that you won't be able to find such a loan with terms that you can live with. Not only will you have to pay off your mortgage every month, but you'll have to pay off a loan whose payments can be extraordinarily high. You really have to consider your priorities before you sign on to any such loan. It might be much more worth your while to simply rent, and work on improving your credit ranking over time so that you can at some point in the future secure a loan with low interest payments.

One final note: don't ever co-sign a bad credit loan for anyone else.