I really do understand you, more than most. I was in a similar situation a while back. I was looking to purchase a home for my family, had good income, but my credit was awful (low 500's) My loan officer told me that I needed a middle score of 620 to qualify for an FHA loan and sent me to http://www.CreditFirm.net
3 months later I was pre-qualified for an FHA home loan. Don't give up, do your due diligence and work on improving your credit score. If I can get a mortgage, anyone can.
I strongly suggest you sit down and meet with a lender, most will do it for free. They can pull your credit, then give you a game plan to get you in a home buying situation. They have the best ways to get your credit scores up and know of any special programs and knowledge of assistance programs to help you on the right path. At least you will know what you need to do and have a game plan. Good Luck!!!
Homesmart Real Estate
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
Legends Realty Group
Many of the answers below are making some assumptions about your situation. You indicate you have "bad" credit, but you don't describe what that entails. Before going further, I think its a very good idea to figure out just how "bad" you situation is. As was previously suggested, a reputable mortgage loan officer is a great place to start. Loan officers with experience in the industry can usually look over your job, credit, assets, etc. and determine if you can qualify for a loan and what kind of loan. There are many different loan products out there (FHA, MSHDA, USDA/RURAL, CONV, etc.) that are taylored to different buyers and different situations. In the Wyoming, MI area, I would suggest Bob Hien of Priority Mortgage. You can reach him at
(616) 292-6703. Bob will go over your situation with you and if you can't qualify for a loan right now, he can make some suggestions on what you need to do in order to get in better position for a loan in the future.
In the meantime, start saving money!! The more money you have available, the more options you will have for buying a house. Some sellers who own their homes free and clear are willing to sell on land contract with a big down payment. This could also be an option for you.
If you need further assistance, please click my name. I've been a real estate agent for 20 years in the Grand Rapids area and can help you in many ways! Good Luck!
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There is only one way to find out, and that is to speak with a reputable lender or lenders in your area. Align yourself with a good buyer agent, and that person should have the relationships necessary to find out those answers for you.
You can also find properties that are financed by the Seller - although these are more difficult properties to locate.
You should be able to document why your credit is bad, and instill enough confidence in the seller to consider lending money to you to purchase.
MD/VA and DC
You will need to repair your credit before buying..........even some are having a hard time with good credit right now. I see you are in Wyoming, there is a very good credit repair company in your neighborhood.
There is no time like now to get ready for next spring!
Scott Miller, Realty Associates, Boca Raton, FL