You have received all kinds of advice...some good, some just plain misleading. The bottom line is you have NOT shared enough information for anyone to give you an intelligent response. As you already seem to know, the higher your score, and the more you put down, the better.
American Bank offers free credit repair and rapid rescoring. I just got one client's credit score up 109 points in 48 hours. Pick a good lender and find out where you are, and set up a path to get to where you would LIKE to be!
Too many questions to answer concretely. Talk to a mortgage pro. they will need to know...
1. how bad is bad ? (and their credit score check will tell)
2. how long ago were the disaster events that created what you are calling "bad credit"
3. how much do you have saved.
4. how much do you owe, elsewhere
5. how much do you make
6, how much are you looking to borrow
7. purchase price of the house you are looking to buy (i.e. what percentage down)
Do not go shopping for "rate" as the interest rate is for this moment a silly question. talk to a seasoned mortgage professional, in person ideally, and get a real answer from them. if you are borderline, a really good mortgage person - and i can make recommendations, is all the differenc in the world.
Long & Foster
Depends on what your credit is. I have access to lenders who work with all types of scenarios. Feel free to give me a call at 267-688-1110.
Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
Follow me on Twitter http://twitter.com/#!/KEITHJLAWSON
If you need some help, I have an excellent credit repair guy who will give you a free consultation to learn more about fixing your credit, timelines, etc.
That's your first step. If you need assistance, give me a shout.
Timothy Garrity | Realtor & Consultant
Licensed Real Estate Salesperson - #RS314897