You may or may not qualify for a loan now. You definitely want to consult with a mortgage broker or banker, but there are programs out there if you don't qualify for a loan today that can put you in a home where you lease the home with the intent to purchase when lending becomes available. This is called a lease with an option to purchase. For more info contact me at info@corringtonproperties.com

Zelda: Your first step should be towards pre-qualification for a loan. A qualified lender will be able to gather your financial history an obtain your (FICO) credit scores to ascertain what and if you can buy right now ... or if you need to prepare a little longer. This important step has become almost mandatory in today's real estate market, as most sellers will not even entertain an offer from an non-pre-qualified buyer. The sooner you have this done the better, as the First-Time Home Buyer's Tax Credit that is available (for 1st-time buyers and those out of the market for 3 or more years), is available only through the end of November, 2009.
I applaud you for starting this exciting process now. You couldn't have chosen a better time, as the interest rates remain low, the tax-credit is available (as mentioned above), there is a great supply of homes available, and seller's are offering great deals on homes. Best of Luck to you in your future home!

Hi Zelda. The best way to answer your question is to tell you to go to a qualified lender and find out. Sometimes your credit may not be as bad as you think and depending on why your credit is bad, for instance medical issues, there MAY be a way around that. I would suggest going to your bank and sitting down with the mortgage broker. If you don' qualify right now, he or she can give you a plan that will help you qualify in the future. If you don' have a bank, cotact me privately ad I ca recommend several reputable leders to you.