Every one has some financial tough times in life. Some people go through rough divorces; others have medical bills that pile up. Often people are unable to pay their bills on time. If this is your situation, and you have dreamed of owning a home, don't give up hope. You can still get a mortgage.

A good credit score is 620 or above. If yours falls below that, your mortgage is considered "subprime". Don't worry if that sounds "bad" to you, it just means that there are a few differences between your mortgage and a mortgage for someone with good credit:

1. Your interest rate will be higher. How much higher really depends on why your credit score is low. If you have failed to pay your rent or previous mortgage on time, that holds a lot more weight than a late medical bill or credit card payment. Mortgage lenders will take these factors into consideration.

2. Your loan is more likely to have a prepayment penalty. This means that if you pay off your loan early or decide to refinance, you may have to pay an additional fee.

If you are considering a "subprime" mortgage, be careful that you do not get taken advantage of. Check your credit score yourself to be sure that the lender is being honest. Also, get a couple of different quotes so that you know you are not getting a sky-high interest rate. Only shop with reputable mortgage companies. Some of these companies are listed on www.mortgage-refinancing-online-guide.com/resources.php. Above all, remember that it is possible to get a mortgage and buy the home you have been wishing for.