You wont know all particulars home purchase till you contact a mortgage broker who can review financial records, employment, credit scores and debt ratio.

If you dont qualify for a loan ask loan officer for recommendation increase credit scores.

Downpayment is approx. 3.5 % or more of list price

Increase credit scores if you owe on credit cards reduce balance 50% or more never close an account it will lower credit scores.

GREAT time purchase a home interest rates low, many homes have equity

Now is NOT the best time to be looking for a mortgage if you have bad credit. It may be very hard to find. Plus your interest rate will be HIGH. You may want to look into a Lease to own property where you can purchase the home in 1-5 years, and try cleaning up your credit during this time.