I have really bad credit. Is a mortgage loan impossible?
I have really terrible credit. I made some mistakes as a teenager that are coming back to haunt me now that I'm 23 and married. My husband and I want to be home owners but we both have poor credit. I recently got a loan to pay off terrible debt. I know it will take awhile for my credit score to increase but we really want to own our own home and are very excellent about paying our current bills on time. My husband is on social security because he is in a wheelchair but I have a monthly income of about 00 and my work history is strong. Is it impossible for us to get a loan for a mortgage? Can you suggest any terrible credit lenders that are legit? Thanks.
Related Financial Planning Posts
Tags: bad credit lenders, bad credit mortgage loan, bad debt, credit score, mortgage, poor credit, social security, teenager, wheelchair, work historyTags: bad credit lenders, bad debt, credit score, mortgage, poor credit, social security, teenager, wheelchair, work history
an FHA loan might be your answer, as they have more forgiving credit score requirements:
http://www.thetruthaboutmortgage.com/fha-loans/
You can also look for a local housing counseling agency in your area and make an appointment to see what your options are. Many so-called terrible credit lenders can be predatory, so take caution.