If you think that you will have trouble getting a mortgage loan, take a look at some insider tips on creative home financing. While not every tip will apply to your particular situation, there may be some that are worth considering.

You can start by considering a home that you can afford to buy, rather than looking for a home that has everything you want. If you opt for a fixer-upper that will not require too much money to renovate, you can turn around and sell it for a profit, and move on to a bigger and better house. You will be in the house that you want after doing a few fixer-uppers and purchasing bigger and better houses.

Shared ownership is also an option that you can explore when simply cannot afford to buy a home on your own. The most common way in which this is done is tenants in common, whereby a dwelling with several units or apartments is purchased by several people, and the costs and maintenance are shared by the owners.

There is always the option of buying a home with a friend, and splitting the down payment, closing costs, utilities and maintenance. When costs are shared, the added benefit is that you will be building equity in the house, and you will not end up paying much more than you would otherwise pay for rent.

Some people choose to move back in with their parents so that they can save enough to qualify for a home loan and the down payment. This option is sometimes chosen by people who are heavily in debt because it allows them to pay down their debt obligations, save money for a down payment and the closing costs, and improve their credit score.

If you are a risk taker, you could choose to go the no money down route, which means that you get a mortgage loan, and you get a second loan to finance the down payment. This option is very beneficial when you find a home that is very undervalued and some renovation would build up the equity really fast. You have to be a risk taker because you will end up in trouble if there is a downturn in the market rather than appreciation.

You have to do some investigation to see what other mortgage financing options are available. When you do, you will find that there are plenty of local, state and federal government programs available, especially if you are a first time homebuyer.

In fact, the temporary homebuyer tax credit was expanded at the end of 2009, and it will now be in effect through April, 2010. If you are a first time homebuyer, you will be eligible for up to $8,000 in tax breaks. Longtime homebuyers also get a break of up to $6,500, which is still a considerable amount of money that can be saved in taxes.

There are IRA and 401k withdrawal options for a home purchase, and there is also the Federal Home Loan Bank sponsors program that matches every dollar you save with three. You would have to check with housing agencies in your state and federal government agencies to see what the qualification criteria are, but it just may be that you qualify.

A Lifetime Mortgage is a form of equity release.

Equity release agreements are long term solutions designed to help certain homeowners, typically those over 60 years old, release part or all of the equity in their home.

Lifetime Mortgages allow you to take out a loan against the value of your property either by way of a lump sum at the outset or a series of smaller amounts taken over time.

Equity Release mortgages often provide the answer for retired homeowners who want to carry out major home improvements but don’t have the savings or income to fund the work.

It might be a new kitchen or bathroom, a conversion to make the house more comfortable in retirement or even essential repairs like a new roof or replacement windows.

Whatever the reason, Equity Release Mortgages can often provide the answer.

As with any mortgage however, it is important to understand what you are entering into before proceeding as equity release is not right for everyone.

Interest on a Lifetime Mortgage is accrued from the time funds are drawn but unlike a conventional mortgage, monthly repayments are not usually required. Instead, interest is added to the outstanding loan which is settled in full when the property is sold.

When the property is sold the balance on the outstanding mortgage, including accrued interest, will be deducted from the sale proceeds and you, or your estate will receive the remainder.

It is vital to fully understand what a Lifetime Mortgage will mean for you and as such it is always advisable to talk to an experienced, authorized advisor who can guide you through the choices available.