Besides credit score, lender underwriting wants to see job history, consistent income verified by recent taxes, debt to income ratios and cash reserves. Renting might be a good option for two years, work on credit repair and building a cash reserve.
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VP of Mortgage Lending
Guaranteed Rate, Inc.
office 224 330 6924
Without seeing both of your credit reports it is really impossible to give any direction.
The best idea would be to contact a loan officer you trust to run your credit and go through it with you.
If you would like me to do this for you do not hesitate to contact me.
Good luck in your home pursuit.
One Mortgage INC.
Senior Loan Originator
Thanks for reaching out.
A great loan officer that I like to use is Angela Remeeus of Provident Mortgage in Libertyville. Try giving her a call and she should be able to get you on the right path to getting yourself in position to obtain a mortgage sometime in the (near) future. Her number is (847) 816-0066. I'm sure that other Agents will chime in with loan officers that they like to use as well, but I've had good success with the buyers that I've sent to her over the years with less than perfect, or no, credit.