If you don’t have good credit but you want to find good mortgage rates, all you have to do is a little research. You can easily find some amazing mortgage rates, even if your credit is less than stellar. Here’s how:

1.Look for special programs offered by government lenders such as Fannie Mae or Freddie Mac. In fact, Fannie Mae offers an “expanded approval” program. In this program, consumers who don’t have great credit can acquire competitive mortgages that are as much as two percent lower than private alternative financing.

2.Evaluate the loans offered by the Federal Housing Authority, or FHA. The FHA has very low credit requirements for loan qualifications. In fact, you can deposit only 3% for a loan with the FHA, including closing costs and fees. Due to government regulation, the interest rates on these loans are usually less than a quarter of a point more than with traditional lenders. Of course, you’ll need to find a HUD approved broker or a mortgage broker who works with government approved lenders.

3.Research the private market for special loans for people with little or bad credit. There are many lenders who specialize in offering loans to people who don’t have good credit. You have to be very careful when dealing with these companies. Many of them will require high down payments for qualification. Some even add on extra fees for their loans. Regardless, there are good deals to be found out there. It’s extra important to exercise care when dealing with these companies.