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  1. #1
    Expert Forum User The Ultimate London Mom!
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    Default Mortgage With Poor Credit?

    I would like to get a house, not a very expensive house, around $150,000. I do not have good credit though. Is it possible to get a mortgage with poor credit? Most of the poor credit is from about 5 years ago and it is still not paid off. Since I have had my child though I have paid my rent and phone/internet bills when they are due.
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  2. #2
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    It might be possible to find a lender if your current income level is able to support a mortgage. Although a lender may reduce the amount they are willing to lend you based on your current outstanding debt. The impact of a low credit rating would be to increase your interest rate.

    I would suggest speaking to your financial institiution or a mortgage broker to see what you can be preapproved for. Something else to keep in mind is that you are required to have a minimum 5% down payment (not borrowed) in order to qualify for a mortgage.

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