Call me to discuss your situation offline.
Hannah Fliegel, FICO Pro
Credit Repair Specialist
FHA loans are OK with a score down to a 500, less than a 580 requires a 10% down payment (which it sounds like you have), but majority of lenders are looking for at least a 620.
Have you spoken with a mortgage professional about what you might be able to do to bolster your credit scores? It is worth discussing, and may push your ability to buy back a few months or so, but is well worth the wait. Considering the time of year and the state of the housing market, rates are not going up any time soon and it will still be a buyer's market.
Best of luck,
Rachel LaMar, J.D.
LaMar Real Estate, Inc.
Help us give you help.
Have you talked to a mortgage person about what you can do to get your FICO score raised? You may need to work on your credit for a while until you reach that majic credit score. Have you discussed FHA with your mortgage broker? What about seller financing/kand contract?
Best of luck.
Zephyr Real Estate