James-
It is possible that you could buy today using FHA. If you have reestablished credit (1 yr renting), this may be an option for you. You could also join a credit repair program in order to get some of the derogatory information off. Good luck if I can be of any help please email me Kokomovandyk@gmail.com.

James it also depends on the state you reside in as to the different programs available for you.
As Naima said, it would be best for you to talk to a reputable lender to let them assess your individual situation and go from there. ALSO, try checking with your local USDA office. There are SEVERAL programs through that office as well. Some even don't look at your credit score as a normal lender would. Depending on the program, they will look at your situation and not so much as what your score is. Also, how "steady" your pay back history has been for the last year and your job history.

I second Perry's advice. Look into lease-options and lease-purchases. There are a number of other techniques--equity sharing, owner financing, wrap mortgages, and on and on. They all (except for equity sharing, which can be a bit different) involve you making payments for awhile, rebuilding your credit, then financing/refinancing and putting the property into your own name.

In addition, talk to a good mortgage broker. There may be some programs that will work for you, either now, or in a year or two. A good mortgage broker will be able to look at your credit and credit history, identify the areas to address first, and help position you for your next purchase.

The point is, though: Begin the process now. You may be in better shape--more able to go ahead and purchase--than you think. And even if you aren't, you'll have a better handle on the situation.

Good luck.

james....sorry to hear your your loss. I would suggest talking with a lender to get their take on your particular situation. If that is a no go, then I would consider a lease option arrangement. Good luck.

Sounds like you've had a rough year. I am sorry about that. Have you been paying your rent on time for the last year? Also, do you have any other credit issues? Steady job? Please feel free to contact and I can assess your financial situation.

If financing doesn't work for you yet, we can look at other options such as what Perry suggested below.

Naima
214-289-8555
naima@sumner-realty.com

You can buy tommorrow using programs like lease to own and owner finance. Try them.... Sometimes you get better rates than at a bank.