Soarve,
In today's market, there are more sellers who are willing to consider owner financing. They will look at your credit as well, but if they can be convinced that you will make your payments, they may be willing to work with you. Ask your Realtor to check and see what properties are available with "owner financing".

Soarve,

Contact Theresa Laine at American Mortgage @ 770-891-4121. She will walk you through the entire process and if you are better off waiting for the right time, she'll tell you.

Contact a local lender in the buying to help determine how bad or good your credit it and how long it will take to buy the type of home you desire. If it is less than 1 year (preferrably less than 6 months) then contact a local realtor in the buying area to help you find a home with a seller willing to do a lease purchase. A lease purchase can be a good way to buy a home while you a working on your credit. You need to know how long it will take to fix your credit and a good lender can help give you advise on repairing your credit.

if you can afford to purchase a home, then pay cash, get a lawyer to do the closing.

Good morning!
FHA loans are coming back strong. FHA loans are a story. They give you an opportunity to explain what happened and why your credit is bad. You have to provide lots of documentation but it is worth it. They also recently raised the limit on FHA loans to over $300,000 so that opens the opportunites for finding a home that will fit your needs.
Speak with a lender about a FHA option and others they may have. Once you get your loan secured and your application fully approved, then you are ready to look for a home!
Good luck!

Try http://www.naca.com, I send several of my clients through this program and they love it. It may take 6 months to get through it but I feel it is well worth it. They are a non profit mortgage counseling company. They do character based lending, so they will look back at everything you have done in the past two years. Do you pay your bills on time? etc

Check it out and if you decide you would like to attend let me know and I can get you registered.

How bad is your credit? Have you ever owned a home? If you go FHA we can work with credit scores as low as 550. If your looking for credit repair Lexington Law is the only firm that I trust with my clients.

The other thing you might want to check out is the ACORN program provided through quite a few lenders. I know Bank of America is an ACORN provider. It's a non-profit organization that exists to help people get into homes. The basic qualifications are 3% down, income cap of 55,000, and no late payments in (I think) the last 90 days. The program is not really credit driven so you can still get a good rate even though your credit score is not very good. You'll want to check with a mortgage professional to confirm the details but I've had quite a few clients use this program and they were able to purchase much more house than they could otherwise. Below is a link for ACORN.

Your best bet is to either lease to purchase or work with a lender who provides credit repair services which will increase your credit score so you'll be able to qualify for a loan. Quite a few lenders provide this service and they can even do something called a 'rapid re-score'. You can check with First Horizon Home Loans, they're nation wide and should have someone that can help you. Hope that helps!