My only suggestion is none of the above, because they all need some sort of halfway decent credit.
No they don't. the possibilities you mentioned are all viable for people with poor credit. True, better credit helps. But to avoid the strictures of conventional lending, lease-purchases, land contracts, and owner financing all are possibilities. You've done some homework. Good.
Based upon your down payment, you may be able to get a HARD MONEY loan, which you can convert in a couple of years to a regular loan once your credit gets better.
Hard money loans are made based on the equity in the property. Unless you're buying a home for 50 cents on the dollar, forget hard money loans. And hard money loans are made for investment properties, not primary residences. And hard money loans typically are for 6 months. They're very short term. "A couple of years"? No way.
But I would recommend you do a short sale immediately, not a foreclosure on your home.Short sales are not as bad for your credit, than foreclosures.
It's true that short sales aren't as bad for your credit as foreclosures. But they take a while and at best are very unpredictable. If there's time, give it a shot. But don't get your hopes up.
Bottom line: I hate bad advice.
As for how to find lease-options, land contracts, etc., I wrote a blog on that. Go to http://bit.ly/findaleaseoption
Hope that helps.
These are the worst loans and the worst type of lender to deal with--ONLY professional investors should even consider it, not for homestead properties--you would be much better off renting--less money up front, likely less per month right now.
If your foreclosure has already happened, your have seven years bad luck (most likely) in terms of getting another loan--factor what you would be paying monthly for a loan you would have qualified for, income-wise, and do your best to find a cheaper way to live for a few years. THEN, taking the money you saved (the difference between what you can afford and what you paid), buy something you really want--you should have a decent enough down payment by then.
Do NOT buy a car, do NOT open any credit lines, and live below your means for a while...
Future Home Realty
First, I am so sorry to hear of your situation--this is not a fun place to be!
Lease-options, etc. can be very tricky business, and often may turn out not in your favor. Calculate all of the costs involved in renting vs. trying to buy this way before pursuing this!
I do have a townhome in Dunedin that has potential for owner-financing, and a house in Holiday--please do check my website (1515 Bayshore and 3933 Darlington are the listings), and if you think you might be interested give me a call and we'll talk more. Please have all financial information ready--the same stuff a bank would require:
pay stubs, tax returns, bank statements, financials (all bills, credit cards, etc.--a credit report if you have one)