If you feel your credit will be back in 12-36 months, then owner financing would be a good option.
Every loan is a unique transaction. Depending on the home you purchase, your down payment, credit score (I would estimate that it needs to be at least in the 600's) and what type of loan you will be acquiring for the home, you could possibly be eligible. In particular cases, owner financing can be a great option. FHA is typically a bit more lenient with credit than if you were to try to go conventional. Depending on your income, I believe there are programs through the city of Palm Bay to receive bond money on a home and down payment assistance programs are available. This would in turn, lower the amount you owe on your loan, if you were to be eligible. As with any loan, there are requirements and stipulations, I'm just here to give you an idea of what resources could be available to you. I am not a loan professional but I do advise that you speak with one to provide the most accurate information. My office recommends knowledgeable loan officer that I'm sure would be happy to go over what options would be best to fit your personal needs. Feel free to contact me personally if you feel I can help you further.
Weichert Realtors Hallmark Properties
I would recommend even if you are not qualified to get a mortgage at this time from banks , try to get owner financing ( eventhough they are going to charge you high interest rate ) . As soon as your credit is good enough you can refinance and go with lower interest rate.