Of course, buyers who have excellent credit don't usually have a hard time getting approved for home loans. However, this does not mean that only those who have good credit can purchase a home. If you're hoping to get approved for a non-prime mortgage, you can help increase your chances of being able to buy a home by following these tips.

1. Being Willing to Pay a Higher Interest Rate

For one thing, it's important to understand that you will probably have to pay a higher interest rate if you do end up purchasing a home with bad credit. Of course, later on, you can always try to refinance the home at a lower interest rate if you are able to bring your credit score up. In the meantime, being willing to pay higher interest rates can help make it possible to actually own a home of your own, even if your credit situation is less than ideal.

2. Saving Up a Bigger Down Payment

Another thing that can help you increase your chances of getting approved for a non-prime mortgage is saving up a bigger down payment. This helps show the bank that you are financially responsible enough to save up a big down payment and that you are financially invested in home ownership. It can take a little while to save up the extra money for your down payment, but it can also help with things like reducing your monthly payment.

3. Looking Into Less Common Borrowing Programs

Even though you can definitely look into traditional mortgages to see what you might qualify for, you should also consider looking into less common borrowing options. For example, wholesale mortgages or owner financing deals might open up more opportunities for you to buy your own home.

4. Having a Good Income

Even though your credit score is definitely one thing that is looked at during the home buying process, having a good income is also important. After all, having a good income will help you make your monthly mortgage payment, which is one major thing that lenders look at. Therefore, make sure that you have a sufficient income so that you can afford a home, and make sure that you have documentation to prove your income when applying for a home.

There are many things that you can do to get approved for a non-prime mortgage. The four steps above will help you get the home that you might not have thought that you would be able to buy at this point in your life.