Buy A House With Poor Credit - Requirements For Getting A Bad Credit Mortgage Loan - part 1

by Carrie Reeder

The process for buying a house with poor credit is very similar for those with prime credit ratings. The requirements are the same - have a steady source of income and willingness to research to find the best lender. With a little bit of time on your part, you can get a rock bottom mortgage rate even with bad credit.

Basic Requirements For A Mortgage Loan

Lenders are primarily concerned on whether you can repay your mortgage or not. They only make money if you make your payments. So they look at your income, cash assets, credit history, and a few other factors when determining your loan rates.

Poor credit doesn't prevent you from getting credit, just the very lowest rates. However, other factors can help you secure lower rates. For instance, your income dictates the maximum amount you can borrow, along with your rates. Having cash assets for more than three months' living expenses also helps you qualify for low rates.

Besides having a regular source of income, there really aren't any hurdles for you to get a home loan. Even subprime lenders offer zero down mortgages for those with adverse credit.

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Buy A House With Poor Credit - Requirements For Getting A Bad Credit Mortgage Loan

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I don't have terrible credit, but it's not spotless. We've been late on two credit card payments (my husband didn't get paid for two months). If we want to buy a house in 1-2 years, will that be enough to keep us from getting a mortgage? How bad does your credit have to be to have to get a "bad credit mortgage"?
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Bad credit mortgage. Live in canada but have really bad help where can i get a mortgage for bad credit.?
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