If We Put 25% Down On A House Can We Get A Loan With Bad Credit?

We have bad credit now due to 500.00 being taken for child support and had to stop paying our bills. We can pay for our living necessities barely due to the high fuel costs and i have to drive 2x a day just to work full time. We found out our original home we wanted is now 1/2 the price and if we could get a loan with bad credit and 25% down our living expenses would be less and we would be 1/2 the distance to work and save 1/2 in gas to pay bills.

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asked 2 years ago

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Getting a loan is one thing and the interest rate on the loan is another.
Yes, if you have a steady job and a regular income, one can indeed get a loan even with a bad credit if you plan to make a 25% down. Only issue will be the loan amount and the interest rate. Realize that it will not be easy to get such a loan. Also, everything you get a rejection on the loan, your credit rating will continue to drop. The best way to get a loan is approach your local banker and since they know your finances, you stand a better chance with them versus the online mortgage loan providers.
Good Luck! And hope it works out for you.