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The Federal Housing Administration (FHA) insures mortgage loans. FHA-approved lenders who offer FHA products receive a guarantee from the federal government-if a borrower defaults, the FHA pays the remaining balance on the loan and HUD forecloses on the property. The credit risk associated with subprime loans prompted the FHA to toughen its credit requirements for its popular 3.5 percent down payment program, according to "The Wall Street Journal." Lenders, who have the final say regarding approvals, followed suit, making an FHA-insured mortgage more difficult to secure than it was before the housing market meltdown.

Assemble a large down payment. According to HUD, FHA lenders can approve a 3.5 percent down payment only for borrowers with a credit score higher than 580. Applicants with credit scores lower than 580 must come up with at least 10 percent down. "The Wall Street Journal" reports, however, that lenders are unlikely to approve an FHA loan for an individual with a 580 credit score and just 10 percent down. The more money you have for a down payment, the better your chances in what is already an uphill climb.

Improve your credit. The MyFICO website explains that you can do this by paying down credit card balances and paying your creditors on time. You may have no choice. July 2010 numbers from HUD reveal that the average credit score of borrowers approved for FHA loans was 697. To qualify for a 10 percent down payment, "The Wall Street Journal" estimates you'll need a credit score between 660 and 720, which is in line with the above-mentioned FHA statistic.

Show sound credit over the past two years. While this is no guarantee that you will get an approval with bad credit for an FHA loan, it won't hurt your cause. HUD provides underwriting guidance for lenders evaluating FHA applications. HUD instructs underwriters to explain negative information in your credit report dating back two years from your application; however, in most cases HUD requires lenders to document negatives that are more than 2 years old.

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Does anyone know a reputable bad credit loan lender? | Yahoo Answers

Online Lenders - Nowadays, several online moneylenders offer bad credit loan to people with poor credit histories. These lenders usually offer attractive interest rates and terms/conditions because of low operating costs.