How can I buy a house with bad credit?

+1 vote
asked Dec 27, 2017 in Real Estate - Renting by Molina (340 points)
How can I buy a house with bad credit?

I'm currently renting an apartment and would like to buy a house instead. I have a poor credit rating and was wondering if anyone knew of a way I could purchase a home or get a home loan with bad credit?

1 Answer

0 votes
answered Dec 28, 2017 by Judy (56,120 points)
Since you have bad credit you'll need someone who is willing to cosign the mortgage with you.

The person who cosigns the mortgage will need proof of good income and a good credit score.

Alternatively you could look into rent to own homes or a land contract.

If you look around you'll likely find some homes where you can purchase through the owner without a mortgage using a land contract or rent to own agreement.

You usually put some money down and then once the last payment is made you own the house.

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