Do you have family you trust 100%? You could have them secure the financing, put your name on the title and you make the payments.
Nick Rhea, MBA, Broker
Bombora Investments, Inc
Here is another thought. You might consider getting someone to cosign with you on the loan. Parents, good friends, someone interested in equity sharing etc. If you think this route may work for you, make sure you have a written agreement with the co signers that covers all of the pertinent issues such as length of time to buy out the co borrowers, repairs, taxes etc. This is not the ideal situation, however, it might get you into the home. Another thought is to buy the house, at a much lower price and lease the land for a long term (minimum 30 years). This is called "yank the land" and I have a youtube video on the topic at http://www.youtube.com/user/3fredeckert3
Good Luck and let me know if you have more questions.
You'll need to send me the same stuff you sent the other loan officers or banks, and I will look at it from the FHA / VA angle.
Be careful of places that claim they can repair your 530 credit to 680 in 6 months... it is unlikely.
Seller financing is great if you can get it, but most people selling today are strapped for cash and therefore will be unlikely to offer it.
Lease options are terrific... for the seller. But for the buyer I can't see one advantage. The option price will be set for higher than current value, and prices will likely be the same or lower when the option comes due. Your credit will still not be fixed by then and meantime you'll be paying a premium in form of much higher rent just to technically have the opportunity to purchase the home later at a higher price, when other similar homes will be priced lower.
Do you have a downpayment available for investment? If you do, there is the possibility of obtaining Seller's financing. Another possibility would be a lease-option. With a high inventory of homes, there is always a chance to find a motivated Seller that could be interested in financing the property for you or accepting a lease option on his property. Both alternatives are only viable with some cash available.
On the other hand, with the finance marketing so tight, the rules are very astringent so your credit score is too low to be accepted by a lender.
http://www.creditinfocenter.com/ ...site with lots of free information on credit repair.
http://www.avvo.com/free-legal-advice ..You can ask attorneys questions about the legal options you have
http://www.aaacreditguide.com/forums/ ...A very active forum dedicated to credit repair discussion
http://www.debt-consolidation-credit-repair-service.com/forums/ ... Another very active discussion forum.
I hope these help and please let us know how it goes, Dunes