Getting approved for a home loan these days is harder for most folks - especially if your credit score is in poor shape due to having lost your job or having made a few bad financial decisions in the past. Having had a bankruptcy, missed a few (or a lot) of debt payments, or just having too much debt can all affect your credit score in a big way.

Still, you need a roof over your head, and in many cases buying a home can be a much smarter financial decision than is continuing to rent. After all, a home can appreciate in value, and over time you actually own your entire home. (Not so with renting).

If you are looking for no down bad credit home loans but don't know where to start, check out these 5 tips that will get you going in the right direction:

1. Research all of your lender options:

Avoid just going with the first loan provider or financial institution who will give you the time of day after finding out your credit score. Sure, it can be a relief to talk to a lender who will actually not hang up on you once they know your situation. But, don't just become putty in their hands and let them overcharge you with high interest rates.

2. Get access to lists of providers - not just one or two:

You need to put yourself in touch with a whole list of lenders who will are willing to extend you a loan. That way, you can get them competing against each other to give you the best possible rate (imagine how good that will feel!).

3. Educate yourself about what a no down loan is and how it works:

A no down bad credit home loan means you do not need to come up with any cash at loan closing. That's a good thing for obvious reasons - more cash stays in your pocket. And, it's unlike what most lenders expect you to do, which is to come up with a 10% or 20% down payment.

4. Set a plan in place to improve your credit score:

Once you have secured your list, interview at least 4 or 5 lenders before settling upon one. Once your loan is funded and you are in your new home, it will be on to phase two of your plan: to improve your credit score. Yes, regardless of your credit history, improving your score 200 or more points within a few months is absolutely within the realm of reason.

5. Once your credit score is improved, re-finance with a lower-interest rate loan:

Once you have improved your credit score, you will want to re-finance your new loan at an even lower interest rate. At this point, you will already have been in your new home for 6 - 12 months and now will be eligible for a lower interest loan. Talk about the best of both worlds!

If you are looking for ways to own your own home even if you have bad credit, you need to know that this is a very reasonable and attainable goal. Try these 5 tips and you will be on your way to owning your own home.