with all due respect...the better question would be 'how do I improve my credit so I can qualify for a mortgage?"
Any mortgage you qualify for will have ridiculously high interest rates...
they key to a good life is to clean up your financial debts, pay things off and build on a stable platform of saving, low debt, and steady income.... more
It is extremely doubtful. Even if you could with what it takes to get that bad a credit score you would pay very high interest rates. If you can not even come up with a own payment what would you do when 3 weeks after you buy the house your car needs a $1,500 repair? Or someone breaks a $250 window in the house and you have to buy one? How about 4 years after you buy the house and discover that it will require a new roof at $4,500 AND a furnace at $3,500?
Regardless of your ability to get a mortgage at this time your ability to keep the house would be in extreme doubt. WHat you want to do is to improve your current credit rating so it becomes much much better. Save some money so you are able to have a down payment and some extra money besides. Once you have done those things consider buying a house. Until that time arrives a few years from now be a satisfied renter knowing that you are improving your financial and credit life and one day you will be able to buy a house and be able to keep it long term.... more
Please feel free to read some of my blogs. Let me know if you have any questions.
Best of Luck!... more
Your bad credit will still count even if you have a co-signer. You would be better to have the person(s) to buy the property for you. You can pay them direct monthly . You can take the interest writeoff or you can split it with the persons.Depending on your credit you may be able to buy together on FHA financing as they really don't go by the credit score like conventional does for loans. YOur best bet is to contact lender and see, instead of wondering. You do nopt want to miss out on the market and interest rates. FHA has programs with not down or closing costs using Seller's assistance. Feel free to contact me,I have been in real estate for over 20 years, at 602-438-1088 or email@example.com... more