The time to buy a home may never be as good as right now. Interest rates are as low as they have ever been, and there is the up to $8k new home buyer credit, as well as many seller incentives.
Even if you feel like you have bad credit, some of these things you may have on your credit report may be rectified rather quickly, which could put you in a position to purchase a home sooner than you may think.
The best thing to do is to speak with a couple of different lenders, tell them your situation (be honest), and have them see what they are able to do for you. The reason I say speak with a couple of different lenders is because I would want to make sure you choose a lender you feel most comfortable with, and you feel you could trust in helping you secure a home loan.
We work with several very reputable lenders, and would be more than happy to provide you with their contact information. Just let us know when you are ready to make that initial step. There is no cost to you, and the information could be invaluable.
It really depends on how you define "bad". If you're talking about a credit score around 500, for example, with outstanding collections, delinquent accounts, etc., then your chances are somewhere between slim and none. In my experience, however, I've found that often times people judge their credit as "bad" when in fact it might not be as bad as you think. I would just have to know moe details about your situation, background, employment history, income, etc. And the truth is, that's exactly the same information that a good, reputable mortgage lender would need as well. So if you want an accurate assessment, get in touch with me and we'll check it out to be sure. Fair enough?