Can we get a home mortgage loan with poor credit?
My soon to be husband and I are renting a home in our area and paying 00.00 a month in rent. (This is quite a bit for the area that we live in) We are wanting to buy a home and feel that we have sufficient income (around ,000) to own a home. The problem is that our credit scores are in the high 500’s. We have been told that we could qualify for a home loan but may have a higher interest rate. We have little debt between the two of us and have a down payment set aside from a family member. Just wondering if anyone has obtained a mortage loan with simular circumstances?
It is absolutely possible to get a mortgage. Our lease on the house we are renting is about to expire and out of curiosity I called to find out if it was even possible to get a loan. My credit score is around 550 and we were able to get a mortgage with only 3% down and a 30-year-fixed with an interest rate of 6.625. Maybe some think that is high but I’m definitely willing to lock that in for nowf until I can get my credit under control. So yes, I think you should definitely start calling or contacting lenders and see what is available in your area. If you have any questions, you can email me. Good Luck!