It is unlikely you could be approved for mortgage financing with that credit score at this time.
Beware of any mortgage professionals promising you an approval with such a low score. Wait on buying a home. I recommend you take the time to resolve your credit issues.
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.
Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.
I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
For example, have you considered a local Gov. sponsored homebuying program
They provide you with information about local resourses and usually are attended by representatives from the banks, RE agencies and local programs. It might give you a chance to make contacts that will listen to your situation and help. They usually have credit repai resources.
Best of luck, Dunes
All of the answers so far have some good thoughts. I have dealt with a number of Lease/purchase deals and they usually will check you credit as well. The best advise I can give you is to set out a plan to improve your credit score. If you need help in doing that I suggest that you check out the website http://www.pumpupmycreditscore.com. This is a excellent program that has had many success stories.
Mortgage Loan Officer
BenchMark Realtors, LLC
BenchMark Mortgage, LLC
Today there are very few FHA lenders who will approve a loan with a credit score between 580 and 600 so with a 499 you have some work to do and it may take a year or so. You need to work hard not to have any more lates and start paying down any thing you still owe. A mortgage professional can put you in touch with a good credit repair company if that is the route you want. They might be able to speed up the process some but it will cost you some money. Don't open any more credit accounts and if possible put some money in the bank. Hope this helps a little.