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bad credit mortgage ontario

November 27th, 2008 by admin


Can I get a mortgage with bad credit – Ontario?

My husband and I are looking for a mortgage. This is our problem…
We were renting a very expensive farm house, and stupidly decided to help 2 family members out, and let them live with us. We ended up supporting them completely for over a year. Ultimately, this took us into financial despair.

My credit score is 499, my husbands 487. We both have full time, secure jobs, making about $100k/year.
I’m trying to clean up our credit, but am told it will take a while, is there any way we can get into a mortgage now?

We have 5% down, but there is no way we can come up with 20 – 25% down. We’re paying $1200 / mo for our Kitchener, ON apartment, and know we could have a house for that money.

We’re looking at $175 – 199k houses.

Do we have a chance? What should we do?

Thanks for any and all advice.

I’m a mortgage broker from Edmonton, Alberta. I specialize in clients that have credit issues in the past. You can contact me at my website http://albertamortgageguy.com . I may be able to help you.

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