If you are planning on staying put int he area and home, I would definitely recommend buying. You will have greater stability and control over your monthly payments with a fixed rate mortgage than renting.... more
You can have Poor credit, steady income, & a down payment, Or you can have great credit, steady income, & no down payment, Or you can even have great credit, irregular income, & a down payment to be able to purchase but one out of three isn't going to do you any good.
You really need to sit down & figure out why with a steady income your credit is poor & you don't have a savings and then actually do something about it.
If you speak to a lender, they can help you identify what is dragging you down and they can make suggestions as to what you need to do to correct your situation.
Working on your credit maybe the easiest and fastest way to help achieve your dream of home ownership.