I would definitely rethink if you are even financially able to buy a home; especially if you have to have your parents co-sign for you. Instead, how about considering renting for awhile so you can save up the money for a nice down payment on a home, and work on your credit score at the same time by paying off your exsisting debts? Also consider the burden that going into a co-signing arrangement agreement would add to your relationship between you and your parents...is being in debt together with them really worth the extra stress? Save your money, pay your bills and take your time in buying; when you're financially ready to buy, your new home will be more of a blessing than a curse! Good luck!!