Possible to get a house with bad credit?

[CHAOS]

Is it possible to get a house with bad credit? I have been trying to get my finances back in order after losing my job a few years ago.I would like to stop renting apartments and buy a house for my family. My credit is bad but I'm trying to repair it. It will be 5 to 6 years before my crdit is back in good standing. Will I have to wait that long before I can buy a house?

[Silvana]

Possible - just that the interest rate would be higher than for a person with good credit history.

[sohni]

First, assess if you're able to service any loan that u will take out. You dont want to run around that block again there is a reason banks expect you to fulfill lending criteria. Too many lenders have been getting people to borrow over and above their means. If you feel that you will be able to service a loan then look at non bank lenders for credit. But please, read all the terms and conditions. Better yet, get an independent solicitor to go over it for you (don't use the one the lender reccomends) and remember mortgage insurance only protects the lender not the borrower. Good luck!

[shayne54]

It shouldn't take you 5 years to fix your credit. If you work with a responsible credit building company such as mine , you could be back to average or better in less than 6 months. We have a pretty good track record and have seen credit score increases of over 200 points in less than 3 months!