Getting your first home is a very exciting time for any couple or individual person. It is definitely a path to financial freedom at a later date. A bad credit home loan is not an ideal situation for anybody but these things happen. The best thing you can do is to work towards clearing your bad credit. Although you have huge debt there are some financial lenders who will take it upon themselves to give you a zero down mortgage.
This process is not a simple one and it can take a lot of ground work on your part. The first part of the equation is that you will need to see a budget or financial adviser. If you have any hope in this life time or acquiring a home loan whether it be with or without a deposit. Your obligations of managing your credit must be kept under control.
I understand that credit is readily available once you hit the age of 18 or in some cases at the age of 16. Unfortunately it does not come with a manual of how you should manage your money. In some situations this does not come to light until you are faced with a bad credit scenario as the one you currently face today.
A budget adviser will put your income, debt obligations and your savings ability into prospective. He or she can help you find other ways of earning more income to get rid of your debt. They can help you negotiate your current debt to help you pay it off over a certain time frame.
Once you have your money management under control. Your next point of call is to source or find a mortgage broker. They have access and a sound relationship with many financial institutions. These will include A grade lenders as well as those who are prepared to take risks with customers or clients who have bad debt.
You will greatly improve your chances of getting a zero down home loan with bad credit if you make the decision to pay your current debt off moving forward.