I have bad credit, what is the best way to get a mortgage without a co signer,?

1. Pay off any collections that you have.
2. Stay on a job for at least 2 years
3. Make payments to any current creditors on time for 12 months.
4. Save enough money to put down 3% on the house you want to buy.
5. Write explanation letters about why you were late for your loan application file.
6. If your new house payment and any monthly debt payment is 43% or less than your monthly income, you can then qualify for an FHA loan without a co-signer. Many lenders will go down to a 580 FICO with an FHA loan. A small few will go even lower.

Get yourself an ARM loan so your payments are really low for 3-5 years than when it comes due your house will be foreclosed and the stock market will crash.

Don't buy a house with bad credit!!!!

If your credit is below a 620 even with a coborrower you won't be able to qualify for a mortgage. And unless it's over a 680 you'll be required to have at least 10-20% down payment.

The number one best thing you can do to improve your chances of getting approved for a mortgage is to delay buying a house and work on improving your credit score. A close second is to save up a large down payment. Lenders love to see borrowers with lots of equity, since they are far less likely to default on their mortgages than those with little or no equity.

Both improving your credit score and saving for a big down payment take time, so I suggest you not get your hopes up for buying a house in the near future. That goes double if your current credit score is so poor that you can't qualify for a mortgage, even at sub-prime interest rates.

Rent...do not do anything else. DO NOT fall for the ARM junk! They never adjust to the borrowers favor, just the lender. This is not a great market right now and you have to be careful of the sharks out there. Do your homework!

I agree with all the other answerers. If you've got bad credit, don't you dare buy a house. Work on improving your credit history now.

If you've got a credit card, don't stop using it. Just pay it right down, and then use it every week for a predictable expense like fuel for your car. Then, pay it off. Always pay an extra dollar on the card so that it's in the black, or in credit to you $1. That makes you look like a good repayer, and a sensible credit user. Lenders like that.

Pay off any other debts. Do not apply for any loans, mortgage or otherwise, for at least 2 years. Every time you apply for credit, it goes on your report, even if you don't accept the loan. That makes you look TERRIBLE to lenders, and lowers your score. So don't do that at all.

Save a big deposit. Let's face it, you've got a few years before you'll be able to get a loan, so use that time to save at least 15% of your take home pay. Put it in a savings account. I suggest you set up a savings account like a passbook one, that earns good interest. Then, have your employer put a set amount (15% of your wage) into that account for you each week. You'll get used to living on less, and it will become your house deposit.

You need a big deposit. A savings history will really impress the lenders, and you'll get a better deal. Also, if you have a good deposit, you don't need to borrow as much. That makes servicing the mortgage easier for you if interest rates go up. Furthermore, if you have a 20% deposit, you won't need to pay mortgage insurance, which protects the bank if you default. It doesn't do anything for you, or mean that you keep your house if things go wrong. And the bank makes YOU pay for it. So save a big deposit and avoid this useless expense. You'll be glad you did.

Don't get a co signer. If you're not a good enough prospect for the lenders, you shouldn't involve anyone else in the situation. That will leave someone else with the burden of your debt if something happens, and that's not okay.

Best wishes

. If your credit score lies around 580 or 600 or you are trying to rebuild your credit, you can go for this financing method. But before choosing any program, read this article.

It is not difficult to get your mortgage approved even with bad credit rating. The key is to choose a right lender who deals especially in bad credit mortgages. There are lenders known as Subprime mortgage lenders have various programs that cater only to the homebuyers whose credit rating is bad. Do not go to your traditional mortgage lenders or banks, which are more likely to turn you down.
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