Bad Credit = Home Loan...Ever?

[Caoineag]

Makes sense. As we all know, even a 20% down payment doesn't guarantee that you can afford the home. We borrowed a lot less than the mortgage company approved us for. We could have been stretched really thin but we knew that we couldn't afford that.

I know that far too many people don't run the numbers themselves, though. If they're approved for a certain amount, they assume that means that's what they can afford to spend.

That's actually part of the reason ours was so affordable. I wanted to be able to afford it on one income so I told the mortgage company how much I wanted approval on. Even then I wasn't willing to spend that amount on anything less than perfection so we spent under even that. Which is good because even though we have two incomes, they can't count DH's income for the refinance due to him working for the temp agency.

[mortgage-wiz]

Credit Scores are your credit history being ranked by local banks and financial institutes.
You will get a loan but probobly with very bad conditions... try saving some moeny in the following few years and once you payed most of your debt try to apoply for a mortgage.