Since you already know you have bad credit, my best advice is to go to your local bank, where you do your banking, to discuss obtaining an FHA loan. Most lenders do a loan application for free. Find out what your credit score is & what the significant issues are in your credit report. If you don't qualify for a loan, ask your lender what you need to do to improve your credit score and your creit report; then, follow the lender's advice.

Go to NACA.org

they work with you and actually help imrprove your credit and finance a loan lower than market rate without a downpayment or closing costs. It takes patience but if you don't have options work with them.

Hope this helps!

Kip,

It really depends on your credit score as well as your debt to income and how much you have to put down. An FHA loan sounds like it may work for you where the minimum down payment is 3.5%. Please could you provide me with some information about what you think your credit score is. I would be happy to provide a free consultation to see what products are available for you. I can be reached by phone or e-mail from 8am to 9pm during the week and on weekends.

Sincerely,

David P. Cruickshank
Ardain Mortgage Corp
847-354-5455
davidc@ardain.com