Is it possible to get a mortgage at a reasonable rate if you have bad credit?

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4 Responses to “Is it possible to get a mortgage at a reasonable rate if you have bad credit?”

1. dupedintheusa on: 10 February 2010 at 1:42 pm

   Not really
2. Allen W on: 10 February 2010 at 1:52 pm

   It is. My wife and I declared bankruptcy in 1989 and got a home mortgage a year after that. Of course, it depends on the circumstances, but some banks/lenders will allow you to write detailed letters explaining why/how you got terrible credit. If you reasons and explanation are plausible, you might get a loan.
3. ZOOGLY on: 10 February 2010 at 2:43 pm

   depends what you consider reasonalble and what you consider terrible credit. You can probably get a loan, but the bank will want to protect itself. And reasonalbly so. The higher down payment you can make the lower the princple, the lower the payment.
4. zara on: 10 February 2010 at 3:12 pm

   yes it is. you just have to find yourself the best loan agent. i have been known to get the best rates for my clients whether they have excellent credit or not