I need HELP what should I do about a mortgage loan? Can I receive one with bad credit and low income?

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Hello! I am a single mother of 2 children. I currently am paying $ 1200 in rent and I can not afford it. It kills me to be paying so much when I’m not even going to own the house. My credit score is really low about 515. Are there any first time buyer loans that don’t look at your credit score? Also fix your mortgage payment according to your income. I need some credit counseling also at no cost and can not find any around my area. (Atlantic County, New Jersey) My student loans are in default. I honestly do not know what to do. If you have any advice please let me know. No bashers please I already know that the decisions that I made in the past now affected me I wish I would have known it then. Thank you so much for taking your time to read my problems. – Karen

  1. Reply
    April 29, 2011 at 10:26 pm

    try habitat for humanity in your area they help low income people become home owners.house notes are about 500-650.00 a month.houses are much easier to buy now b/c of the economy.

    you have to help build others houses while your house is being built that will be your down payment on the house,the work you’re doing building houses.

  2. Reply
    clot t
    April 29, 2011 at 10:49 pm

    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.

    Many of the traditional lenders have a condition about your employment. They expect you to hold a steady job for at least 2 years. On the other hand, the subprime lenders expect you to be at your job for only a year.

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