Credit, Mortgages and Interest Rates?
I have really bad credit (under 500 I think, cause I have about $ 1,700 on all my credit reports.) Can I still get a mortgage loan from just about anyone as long as I can pay 30% down? What about 20% down? What would my interest rate be?
I asked this somewhere else, but I didn’t get a straight answer. So, here is more details. The $ 1,700 on my credit report is not credit card debt. Things like medical bills, some bad checks, library and old cable and gas bills. So, it’s not like I can just get a credit card and start making payments. When I move, I am not moving from a house to an apartment and then back to another house. Just to wait for my credit score to get better. I’ll refinance later when my credit is better.
Based on the fact that I am going to do this no matter what I just want to know what my interest rate would be.