How can I get a mortgage with poor credit and recent increase in income

You might be able to qualify sooner if you can improve your credit score. Look into FHA loans as a possible option since they have lower credit requirements.

What specifically has damaged your credit? Understanding the specifics can help tailor solutions, whether it’s paying down balances or addressing inaccuracies on your credit report.

An FHA loan could work for you. These loans are more forgiving of low credit scores and might be an option to explore.

With your current credit score, it’s tough to find good mortgage options. Focus on improving your financial stability and credit score to enhance your mortgage options.

It sounds challenging given your financial history. Consider building a more stable income and credit history before pursuing home ownership.

Oak said:
It sounds challenging given your financial history. Consider building a more stable income and credit history before pursuing home ownership.

I’ve definitely started making more now. It’s just about maintaining it long enough to prove I’m reliable.

Start talking to financial advisors and loan officers now. Build a relationship and a plan that can help you reach your home buying goals.

Prioritize getting your financial house in order before jumping into home ownership. A structured budget and clear debt management plan are crucial.

Consider looking into specialized mortgage options that may accept lower credit scores, such as FHA loans. It’s important to demonstrate financial stability through consistent income.

Explore alternative lending options that may offer more flexibility given your current financial profile and recent income improvements.

While FHA loans could be an option, your fluctuating income might still be a challenge. Working with local credit unions could provide more personalized guidance.

Consider an FHA loan to start, as they require smaller down payments and are more forgiving of lower credit scores. As your financial situation improves, refinancing could be a viable option.

You might explore purchasing a property as an investment if you’re able to meet the down payment requirements, though this comes with its own set of financial risks and benefits.

Soren said:
You might explore purchasing a property as an investment if you’re able to meet the down payment requirements, though this comes with its own set of financial risks and benefits.

How feasible is qualifying under those circumstances?

@Kavi
It’s challenging without owning a primary residence first, as lenders typically require proof of stability and lower risk before approving investment property loans.

Rex said:
@Kavi
It’s challenging without owning a primary residence first, as lenders typically require proof of stability and lower risk before approving investment property loans.

Given the high risk and potential high costs, it might not be the best route to take at this point.

@Kavi
Exactly, it’s important to weigh all factors carefully before proceeding with such a significant financial decision.

Rex said:
@Kavi
Exactly, it’s important to weigh all factors carefully before proceeding with such a significant financial decision.

Right, it seems more prudent to focus on stabilizing and improving financial health first.