Neither of these solutions is easy and it will take some work on your part, but I know if it were me I'd rather work on the credit than have to save up all that money!
Speak to a lender to have your credit run and see exactly where you are at. If you can't qualify right now, ask for recomendations of what you can do to improve your credit to an acceptable range. Sometimes it's as simple as paying off a collection or two and sometimes it requires more work.
It's a marathon, not a sprint, so you may have to work on things awhile before you are in shape to take on this challenge.
Feel free to call me or email me and I can walk you through the process.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 | Fax (248) 945-4842 | Direct (248) 728-0078
Market Place Mortgage
Lombard, IL 60148
Phone: (630) 217-7013
I've had a book published on Amazon called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.
Best of luck!