Buying a house is one of the biggest purchases you’ll ever make, and unless you have a deep savings account, you will need a mortgage to help finance your new home. While securing a mortgage can be a stressful process, it’s even more difficult for those with bad credit.
That said, buying a house with bad credit isn’t impossible. If your credit score is below 660, the major banks may be unwilling to grant you a mortgage. However, you still have options. There are B lenders that are generally more lenient for someone with a low credit score.
Below, we’ll explore how you can increase your chances of approval and provide concrete steps you can take now to help you secure a mortgage when you find your dream home.