I would consider getting in direct contact with multiple reputable mortgage lenders to verify the possibility of qualifying for a FHA loan and to receive the steps necessary to accomplish your goal. If you need lender recommendations, visit the "buyer resources" section of http://www.Search-Atlanta-Homes.com
I agree with the other comments you have received, it's best to talk with a qualified lender who can help you to straighten out your credit and get everything on track for you to purchase when you are ready.
Solid Source Realty GA
770 475-1130 Ext 6104
Better Homes and Gardens Real Estate Metrobrokers
FHA is for a primary residence only. This means that you must be living and working with a reasoanble commuting distance to the property. HUD requires at least one current pay stub from your employer. This means that you will need to be living and working in Atlanta at the time of your closing.
Most lenders have a 640+ FICO requirement for FHA mortgages. At Prospect Mortgage, we offer a 580-639 FICO program for FHA.
Due to national licensing laws, loan officers are not allowed to engage in credit repair. Be very cautious of anyone doing this as they may be violating laws.
Sr Loan Officer / FHA 203K Renovation / HomePath Specialist
Apply Online at http://www.rodneymason.com
Licensed in AL & GA
Increases to FHAâ€™s Up-Front Mortgage Insurance Premiums
â€¢ Up-front premiums will increase by .75% (from 1% to 1.75%) of the base loan
amount for all loans, effective with case numbers issued on or after April 9, 2012.
Conventional Mortgages are currently requiring 620 or 640 minimum credit score with 5% down.
I work with some amazing lenders that will work with you to clean up your credit, so you will be in a better position next year when you are ready.
Feel free to email me and I'll connect you with a couple of lenders that can assist you.
Try to buy a HUD property for $100 down.
If you qualify for the Good neighbor Next door program, then you can buy one for half price as long as you are pre-approved with an FHA or VA loan for full price...best deal in the country.
Oh, qualify - talk to a smart, conservative mortgage lender. Do you need a name or two for recommendation?