Hello Guillermo-
You MIGHT be able to get financing, but if your credit is really as bad as you think it is, the terms would probably be horrible. I would suggest straightening up your credit situation first: paying down high balances, clearing up any discrepancies, etc. That will help your credit quite a bit - and give you time to save some money towards a bigger down payment.
Good Luck with your new job!

Angaelica, The only way to get a correct response to your question is to speak with some lenders. there is a list of government approved lenders on the website below. There is also a list of Housing Counselors. It may be that you are currently unable to purchase. There may also be a free housing counselling program available in Allegan County.

Since you have just moved from CA and have only had your current job for two months, why wouldn't you want to wait a year or so prior to making a purchase? In that time you could work to improve your credit and make certain that your job is secure. You could also decide if the area that you have chosen to live in is the right location.

In this market you need to really think about cleaning up your credit before you buy a home. As Phil & Bev note.. bad credit can be costly. More important is the reason for your poor credit.. are you always late or spending more then you should? Homeownership is about more then the monthly payment. There can be a number of unexpected repairs. If you are late on rent to the landlord you can often work out something by calling him first... but if you are late with a house payment a lender will not be so sympathetic.. It would be beneficial to analyze your finances now and get them in order. Many people who are in foreclosure are there because they did not realize the differences in responsibilities between renting and owning

Your credit score controls the interest you will end up with. The higher your credit score, the lower your interest rate. For example- if your FICO score is 620 on a $216,00 loan your interest rate will be 7.93% or $1575 a month. If your score is 760, your interest rate will be 6.34% or $1343 a month. A savings of $232 a month! So trying to clean up your credit will save you lots of money in the long run. If you need help cleaning up your credit, let us know. No cost or low cost!

FHA may be the answer. If will depend on your overall credit picture. Lenders look for ability and willingness to repay debt.

Call Marlena Olson with the Vitek Mortgage Group at 916-486-6931. She can assist you.

Ask your mortgage banker or broker about an FHA loan. They are alot better now than the one I had bacvk in the 1980's.