If you are currently renting a house, proof from your landlord that you consistently pay rent on time every month can be useful. If you have a close friend or family member with a good income and excellent credit scores, they may be able to help you obtain a mortgage loan with bad credit.
If your credit score is below what lenders are looking for, you will need to prove that you have a very steady income. In most cases, you will need in your job for at least a year and provide documentation from your employer or company stating there are no plans to terminate your position.
If you are currently renting a house, proof from your landlord that you consistently pay rent on time every month can be useful. You can also request documentation of payment of water utilities, gas, electricity, cable television, or telephone company, as applicable, to prove that you keep checking it.
Many lenders will accept cosigners on the loan, which basically means the cosigner is promising that the loan will be paid. This should only be done if you are absolutely sure you can afford to pay your mortgage on time every month, if you are late or default on your mortgage loan, your cosigner will be responsible for payment.
Your income will also tend to be higher than those with good credit when it asks for the same mortgage amount. This helps to reduce some of the risk lenders face when you have low credit scores.
So far most of the lenders are concerned, the more money you have invested into the house before you start making payments, the less likely you are to walk out on your responsibility. A sizable down payment will also reduce your monthly payments, which can make it easier to obtain mortgage loans with bad credit.
While getting a mortgage loan with bad credit is not possible, it would be difficult, if you can not get it now, work on building your credit score and save money to pay a large down payment. Some home buyers can get a mortgage loan with bad credit, if you can depend on several factors.