There are lenders that can do FHA loans with a 580 score.. I recommend The Lenders Network they will be able to refer you to a lender willing to work with lower credit scores.
Well I hope this helps! If you have any further questions or if you need a loan, feel free to contact me. Also, if you found this helpful please leave me a recommendation if you can!
Sr. Mortgage Banker
NMLS # 659743
What you need to is to get your credit score up. I have been working with people for about 15 years to improve their credit so they can by a house. I do not charge for this as I get paid on a mortgage if you and when you get one.
Some people need some professional credit cleaning and I have some good sources for that as well.
Give me a call,
First, nothing falls off your credit report for 10 years. That's right! For some reason the consumer is lead to believe that it falls off every seven years. Not true. If your repo is reported on 2009...it is there until 2019.
Regardless of when you go to purchase a home, the repo will need to be paid off (prior to 2019). As a warning, paying the repo as negotiated sum, will not help you. The deficit amount will need to be cured when you go to purchase a new home.
The underwriting mentality (and guidelines) is that if you want to buy a house, you need to prove that all your previous credit 'woes' have been cured and are not likely to occur again in the future.
Second, yes there is hope for you! You just need to pay the charged off credit cards and repo.
Get evidence from each creditor showing that you are paid in full.
Once done, you will need to let the 'healing' begin. After 12 months have passed, you will see your credit scores bounce up!
Make sure as you pay each charge off, you receive 'paid in full' letter and hold on to it. The creditors are quick to report you as a negative, but very slow to (and sometimes in active) update your file as current.