How to get a mortgage with bad credit

I was studying and ended up struggling with debt from loans and credit cards, which led to two car repossessions. I lost control of my finances. Now, with my career, I earn around $100k. How long might it take for me to afford buying a house with a low interest rate if I start working on my credit now?

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You cannot be denied a mortgage due to the amount. They simply don’t want to since you as a Loan Officer have to put in the same amount of work and the commission is low.

Because of the little loan amount, the rate will also be higher.

I faced a similar situation, and rebuilding my credit took some time and effort. Given your $100k salary, if you start working on your credit now by paying down debts, making timely payments, and managing your credit utilization, you could see significant improvement in your credit score within 12-24 months. It took me about two years to raise my credit score to a level where I could qualify for a mortgage with a low interest rate. Consistently monitoring your credit, reducing debt, and potentially working with a financial advisor can expedite this process, allowing you to afford a house sooner.