How can you get a mortgage with bad credit?

Answer 1

the first question is, do you have current debt? Do you have at least 20% down? Do you have 3-6 months emergency fund of expenses in the bank? If you have debt & you don't have 20% down, wait, pay off the debt and save the 20% down. And wait until you have the emergency fund, what would you do if your furnance or a/c went out with no money in the bank??

If you do one of the zero down, interest only type loans you are looking for trouble. Been there, done that, never doing it again. Let's say you do zero down and you plan on living in your city forever and then you get transferred to another city 3 years later, interest only loans mean you have no equity in your house.

As for the bad credit part, your interest rate is going to be huge.

Mortgage brokers/lenders/banks "give" the loans away but they aren't always in your best interest.

I am not saying rent forever but get your debt cleaned up and have money on hand.

If by the off chance you are out of debt and have a low score because of inactivity, call Churchill Mortgage (www.churchillmortgage.com) and ask for the no FICO score loan.

Answer 2

Start by calling a licensed Mortgage Broker not a bank to get pre-qualified , Someone who works at a bank and punches a clock is going to give you the Rate the bank offers , A mortgage broker usually works with up to 130 lenders some of whom borrow money to people with bad credit called sub prime lenders ,anyway if your serious this person will hold your hand and help you with your credit report and get you on the right track to buying that house and probably knows reputable REALTORS in your area

Answer 3

go on line and look under mortgages for "less than perfect credit".You would be surprised at how many lenders out there are willing to give a mortgage.Getting a mortgage is easier than getting a car loan or personal loan.Good Luck!

Answer 4

If you live in ontario i suggest to apply for a credit card (i.e capital one) and apply for a credit rebuilder card. If that doesn't work, i suggest you research and look for a financial consultant.. usually they're free...

Hope this can help!!!

Answer 5

Just go to mortage broker put 20% down work out a reasable payment plan good luck

Answer 6

The only way is to apply with a reputable lender, and they will consider it. Try here. http://www.kqzyfj.com/click-2177451-10427742 You may end up with a slightly higher rate, but you will surely get a loan.

Answer 7

for your inquiries about this matter, you may check with NHBS, Inc
they work with the nation's leading lending institutions

have a great day!

Answer 8

clean up your credit