How to get a home mortgage with a low credit score?

Hi,

I am here to seek your advice on taking a mortgage. Buying a home is our dream for the last five years. But, we didn't have a stable income or savings then. Now, the situations changed and we have a small saving for that. I know that the amount is not enough to buy a home. So, we want to take a mortgage. As we have a stable monthly income, we hope we could make the payments on time.

But, our credit score is something between 550 and 600. I have heard that the credit score should be around 650 for being eligible for a mortgage. So, I doubt whether we are eligible. Is it possible to get a mortgage with our current score? We are planning to consult a mortgage broker offering first mortgage in Toronto.

So, we want to know more about the possibility of getting a mortgage. Have you ever gone through such a situation? Or is there any way to improve our credit score? Can you please share your experience of taking a mortgage? Hope you would share the details as soon as possible. Thank you.

 

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