You’re ready to buy a home. You’ve saved up a good solid chunk as your down payment, you’ve zeroed in on the neighbourhoods you’d like to live in, and you know you’ll be able to make your monthly payments. The only problem? You have a terrible credit score. Enter the bad credit mortgage.
Whether it’s due to a previous bankruptcy, missed credit card payments, illness, job loss, or even simply not having used enough credit to have an established score, having a low credit score used to be a huge red flag stopping Canadians from being able to buy their own homes. Luckily for many aspiring home buyers, that’s since changed.