Can I get a mortgage for a condo of $30,000 with a bad credit rating putting $20,000 down on a $ $60,000 repossessed property

Hi Carmen! I think your best bet would be to check with Local Credit Unions in your area to see if they could help with a Portfolio Loan as they may have more flexibility with credit guidelines and your contributing factor of the large down payment. Good Luck!

It will be tough to get any kind of loan with a bad credit rating. Loans---and creditors willing to issue them are based on credit scores and income. Having a low score means you've probably had credit issues in the past and that will likely keep creditors from loaning you money.Sorry.

A local credit union would be your best bet.We can help with less than perfect credit but our minimum loan amount is 60,000.

The bank (lender) will not care about the future appraised value. It will have no bearing on the credit and income soundness of the potential borrower. Sorry.