How easy is it to get a mortgage with adverse credit?

My landlord has just told me that he is selling the house we rent. He has said that we can buy it for 拢130k, but I don't work as I have 2 young kids (can't afford childcare etc) and my husband has a dodgy credit past. Total annual income is about 拢25k. Do we have a hope of getting a mortgage??How easy is it to get a mortgage with adverse credit?
Normally lenders will offer 3 times salary so thats 拢75,000. Some will go to 4 times but repayments are high. With adverse credit you can still get a mortgage but interest rates are higher. With this in mind (and someone who has had to deal with repercussions of adverse credit) I think you would be unwise to try and raise a mortgage higher than 3 times salary as the repayments will cripple you further, put extra strain on you and ultimately a good chance you will default and damage your rating further not to mention the heartache. I don't know where in the country you are but for me i moved away to a cheaper part of the country but a good area with good schools for the kids and 8 years on I have a home I like and can afford, kids are happy and adverse credit is a thing of the past. I wish you luck and hope you can find your way out tooHow easy is it to get a mortgage with adverse credit?
Hi,





What if you ask if the seller; If he would be willing to do owner financing and do a contract with him as if you did with a mortgage company except you don't have to qualify for a loan with the bank.





Ask the landlord what is his payments on the mortgage including taxes and insurance. Then if the mortgage payments are lets say 600 a month, you could offer him 700 a month if it fits your budget. This is just an example. Adjust the numbers to your budget.





I calculated the payments as follows :





5% X 30 years = $697.87





5.5% X 30 years = $738.13





6% X 30 years = $779.42





Remember these payments are just interest only so you have to add taxes and insurance to this.





Also keep in mind that you will also have maintenance and you have to pay for your own heating, electricity and all utilities as well. You have to sit down and make out a budget to make sure you all the numbers work.





See by offering him an extra $100 a month will get his attention. Also explain to him that if he sells you the house this way he will avoid paying taxes on the sale of the property.





If he accepts and neither of you know how to fill out the contract you can contact a real estate attorney or go to a title company that does the paperwork on the close of the house, they would be able to help you as well. You can also contact them to find out what are the procedures,laws or legalities about doing this with your landlord because I do not know what the laws are in your country. Over here in the US this happens everyday and it's 100% legal.





I hope this helps you out. Contact me if you have any more questions about this.





Good Luck
If you can scrap together some sort of deposit (preferably 5-10% of the asking price) then it would be easier, also you need to find out how dodgy your husbands credit history is. Speak to an independent mortgage broker who will be able to answer any questions you may have and search a panel of lenders for any deals availalbe to you (a reputable mortgage broker will not charge for this service).
Hi.


This site deals with adverse and bad credit mortgages : http://fype.com/loango1
Some lenders will help but avoid High Street Banks the only problem is you will pay a higher APR
Unfortunately, you are unlikely to be able to do it unless you have a deposit. With the credit crunch in the USA and the slowing down of the housing market, lenders are tightening their lending criteria especially around lending 100% of the property value and where there is a poor credit history. The maximum you are likely to be able to borrow is around four times income so this would restrict you to 拢100,000 leaving a deposit of 拢30,000 to find. Not very positive I know.
Hi had you thought of asking him to lower his price after all, the property has sitting tenants[ Yourselves]
Hi i work for a mortgage broker, although on the face of it income looks a little low, if i have some more info i'll be able to look at ur max borrowing. Feel free to email me on quotes'mukconnections.co.uk
For the size of mortgage you need, not a hope. Your income won't count unless you work, though if you did any benefits you are still entitled to may also count.





Your husband could possibly get a mortgage in his own right, though with a small wage he would possibly not get one big enough, and would need to raise approximately half the money as a deposit.





A big deposit is better. It gives a smaller mortgage, and you are more likely to keep your home if you struggle, but I am doubting you have access to 拢65k ?