Owning a home is often an attainable goal, unless you have bad credit. For those of us with less than stellar credit, it can seem like the prospect of owning a home is as difficult to reach as the moon. Luckily, there are some good financing options out there for those with bad credit.

Get FHA insurance. While the Federal Housing Administration doesn’t lend money, it does act as insurance for outside lenders by providing a guarantee that they will pay your lender even if you can’t. For mortgage lenders, this insurance approval greatly reduces the risk of lending money to someone with poor credit.

Check out credit unions. Credit unions are like banks, but they are owned by members who have something in common such as working any similar industry or being in the military. The good thing about credit union says that they are often nonprofit organizations and are able to pass along substantial savings and perks to their members. While you may not be able to qualify for every credit union, look around in your area for options that may work for your situation.

Look at peer to peer loans. P2P lending is an online lending platform that allows you to borrow money directly from a willing individual. It is a beneficial situation for all parties because borrowers get to pay lower interest rates, while investors still earn high interest rates. To see if this tuition is right for you, check out some online sites such as Prosper or Lending Club and post a listing to include the amount you need and why. Investors can review your request and approve it if they choose to.

Ask friends or family. Another option for financing your home would be asking friends or family to lend you the money. If you plan to go this route, treat the loan like any other business transaction. Make sure it is documented and legally recorded, and any interest rate or terms should be spelled out in a contract that is to be signed by both parties.

Get a co-signer. If your friends or family aren’t willing to lend you the money, perhaps they’re willing to co-sign a loan with you instead. Co-signing uses someone else’s good name and credit, in the event that you default on your payments. Keep in mind that co-signing will affect both you and your co-signer’s credit report, and he or she will be responsible for your loan if you cannot pay it off.

If you have bad credit, it can easily turn your dream of owning a home into a nightmare. Luckily, there are some options available. Look into these 5 options to finance a home even with bad credit. If none of these options work for you, the best thing to do is to work on raising your credit score before looking into buying a new home.