*Loan,banking and credit>>>bad credit mortgage

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.

No, and if you were to manage to get a loan you'd be paying a very high interest and that would be even worse to put you in debt.

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Get your credit scores up first. You'd be stuck with a high interest rate or worse yet and interest only loan.
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For free consumer information and advice on obtaining mortgage loans with a bad credit history and tips on how to improve your credit rating before you apply for a mortgage visit the source below.
http://www.mortgageawareness.com...