My boyfriend and I want to buy a cheap, foreclosed home to redo and rent out. We were looking at houses that cost about 30-60k. We have never owned a home before, (I've only ever had an apartment). I don't think that I have good credit, and he's unsure of what his credit is. I was wondering how hard it is to get approved for a 15 or 30 year mortgage.
Read more: How hard is it to get approved for a mortgage?
