Yes, you can get a mortgage with bad credit however there are several factors that you will need to consider. One of the most important is cash available for your down payment. You can improve your chances for approval if you have saved up enough cash anywhere from 20 percent to 30 percent for a down payment. The lender will take into consideration the amount of money you have personally invested in the property.
The second factor to consider is improving your credit score. Try to make your payments on time, keep your credit score inquires to a minimum and try to avoid taking out any additional new loans such as credit cards and auto loans.
A third factor is shopping around. Don't be embarrassed by your bad credit score. By talking to multiple mortgage brokers it will improve your chances of finding that broker who possibly specializes in clients with bad credit history or who shares a relationship with flexible mortgage lenders.
