With Bad credit how hard is it to buy a house?

We both have pretty bad credit, when we were 18ish we got credit cards GALORE and then failed to pay on them until they went to collections. Dumbest thing we have ever done (we as in my spouse and I ). but we learned our lesson and are all paid up. Never to make the same mistake again. Anyways how difficult would it be for us to buy our own home (with out a co-signer since we don't have anyone that could cosign for us). We are tired of renting and would love to own a home just concerned that our credit will prevent us from getting one. What steps would we take to get a home and would we even qualify for a home with horrible credit?With Bad credit how hard is it to buy a house?
There are lenders who will offer mortgages to borrowers with poor credit, but at price - a very high interest rate.



If your delinquent credit cards are all paid up, now is the time to start improving your credit scores.



You don't mention if you have a down payment. In order to qualify you for a mortgage a lender considers your income, your credit score, job stability, other liabilities, and your available cash.



Don't forget that you will need cash for a down payment and closing costs.



Don't even worry about a cosigner - do this on your own now that you are acting like responsible grownups.

Talk to a mortgage broker or the mortgage department at your bank to see how much if anything you can qualify for.

Pay off your credit cards in full every month

Keep saving until you have at least a 3.5% down payment

Live below your means

Do your homework about what owning a house will really entail. It is more expensive than renting.

www.hud.gov has a lot of information about buying and owning a home.With Bad credit how hard is it to buy a house?
Bad Credit just means you will need a larger income to be approved. You may qualified for a loan; but you will have to pay the remaining balance of the home price in lump sum depending on your income; with a 20% down and a $1,500 monthly income; you may be eligible for a $100,000; you should ask lendingtree.com
It is really hard to get mortgage with a low credit score, your score needs to a 620 or better to qualify for a mortgage, if you paid your bills get with a mortgage lender and see what your scores are, a good income, credit scores and some reserves put away, and your on your way. I hope this helps.