The chances are excellent. "All" you have to do is get back to paying your bills on time, and not having a boatload of debt. For a while. And do what Don suggests.

Dear Dreamofmyownhome,

Don't beat yourself up. Many people, particularly divorced women, are in your same position. And the current economy sure doesn't help. I would strongly suggest that you get in touch with the New Castle County consultant for first time home buyers. You can do this trhough the YWCA or N-Call in downtown Wilmington. I have a lender that I use frequently who also has this information. These organizations will counsel you as a first time home buyer and help you establish a budget and show you how to manage your money so you can get on the right path. Start right now by saving 10% of your paycheck each and every payday. Pay your bills on time every month... no excuses. Set up automatic bill paying on line - this can usually be done through your bank. Have your routine bills paid automatically this way, like gas & electric, phone, water, any credit card bills. ING is a great bank for establishing a consistent savings plan. Open an account there & have money automatically transferred to it every payday. You will be surprised how fast your savings will grow.

If you have any questions, please don't hesitate to email me at driffee@psre.com. With a little resolve and consistency, you can do this!

There's no problem re-establishing your credit. The question is: How long will it take? Talk to a good mortgage broker for guidance. (Don't use those "credit repair" services.)

Depending on how poor your credit is, it could take 12-24 months (or longer) to repair it. And if you're still living paycheck to paycheck, you'll have to save up some money for a downpayment as well.

Good luck.