Can you qualify for a mortgage even if your credit is bad?
by Mortgage Rates on Sunday, November 7th, 2010 | 3 Comments
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You can buy for cash, but since you are refusing to pay your debts you will not be able to get a mortgage.
Any lender that approves you would require that you pay off your debts before you would be able to close on a house.
Certainly you may pay cash for a home if you have the ability to do so.
The mortgage arena has changed dramatically in the last couple of years, your bad credit will negatively affect your chances of a traditional mortgage. You may consider an “owner financing” or even a land contract situation. It sounds as though you have a considerable down payment to work with and in today’s market I would bet you would find a motivated seller. Should you opt for this type of financing
be sure to connect with a good attorney,real estate agent and or at the very least a good Title Company.
good luck to you