How can you obtain a mortgage loan when you have a bad credit rating?

I would say that you should delay buying a house at this time. If you are financially unstable--having bad credit is a definite sign of this--then, buying a house is like going from the frying pan into the fire. You are unlikely to get a good rate, which means that you will pay more for the house.In addition, if you do not have a substantial down payment in these days of fluctuating house values, you may end up owing more than the house is worth.

Keep in mind that homeownership costs more than the loan payments since there are repairs and upkeep in addition, get a copy of your credit report, start paying of your debt pay balances on your credit cards, if you don't need the cards close your accounts because even with no balance there is probability of debt, also once your debt is gone go talk to a mortgage broker about different types of loans, fha, rural development ect... generally you can keep your mortgage payment lower than traditional loans, also seek out more than one broker you can get pre approved for a home loan in advance, which is good, that way you know what you can afford.

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