It is a great time to be a buyer. If you have rebuilt your credit score, you may be able to get into a loan NOW!!! If you are looking in a rural market and your credit score is over 620 you can get a USDA loan. A lower score would still have the FHA option. Speak with a reputable local mortgage broker....if you don't know any, look to a reputable local Realtor that can put you in contact with someone that can help you or counsel you to reach your goal as quickly as possible.

I'm a Realtor and just worked successfully with a lender in the Medina Co. area to get buyers in a similar situation into a home. It was hard work, but all parties working together made this dream a reality.