There are a lot of people in this country who have bad credit, but that is not a secret. The unemployment rate is currently near an all-time high and that is not exactly going to help people to pay their bills on time.
A growing trend that I see as someone who is involved heavily in the loan industry is the shift towards loans designed specifically for people who have bad credit. There are more and more of these financial products that become available almost every day, at least that is how it seems.
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In the last few years, this has gone a step further. We are now seeing loan products that are designed to be given with absolutely no credit check. You simply sign on the dotted line and take out a loan while the lender has no idea what kind of real risk he is taking on you. While these loans do exist, they are usually only given in small amounts and on top of that, they carry extreme interest rates.
Since people are able to take out small loans without having their credit checked, they often start to wonder if it is possible to buy a home without having your credit checked. As a person who is involved in the loan industry, I can tell you from experience that these loans simply do not exist, at least not from a bank. It would not make sense at all for a bank to provide a loan this large to anyone, without getting an understanding of the risk that would be involved.
However, there is another option available, in some situations. There are rare situations where the seller of a home is willing to provide financing for the home. They usually make their money by charging interest that is significantly higher than what the bank would charge. In some situations the seller who is providing the financing may not check the credit of the buyer. If you are able to find a situation like this, you might be able to get a loan without having your credit checked.
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