Can you get approved for a house if you have bad credit but have 20% of the down payment?

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  • 8 years ago
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    You will need to look for a bank that underwrites their on loans. Call a bank and ask to speak with their loan officer. If they do underwrite their own loans, make an appointment to come in and to apply for a loan. If you have a 20% downpayment and can provide at least two years of employment or cash flow, you shouldn't have too much trouble obtaining a loan even with bad credit. Your credit rating will mainly affect your interest rate. You will want to get a fixed rate to lock in today's low rate even if a variable rate is lower. BTW I know that most BB&T branches do their own underwriting.

  • 8 years ago

    Maybe, with a co-borrower. . . .but difficult

    IMHO you should FIX your credit NOW, before trying to buy a place

    Bad credit shows a history of poor financial management

    Pay off your delinquencies, pay off your credit cards, get your financial house in order

    Read some financial self help books, get Dave Ramsay books or tapes from library

    Depending on how bad you trashed your credit, in 6-18 months your credit should be greatly improved

    You fix it the same way you trash it, one month, one payment at a time

    Source(s): real estate investor
  • 8 years ago

    You can have bad credit, but all items on your credit reports need to show PAID.

    Mortgage companies will not lend to you if they know someone out there will sue you in the future.

    They want to see clean credit reports.

  • 3 years ago

    I'm interested to know more about this too

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  • 8 years ago

    no......620 FICO with FHA or 680 FICO with conventional.

  • 8 years ago

    No, of course not.

  • 8 years ago

    No.

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