Here's a large amount of good information on mortgages, calculators, ect..worth looking thru...http://www.ofheo.gov/PublicInformation.aspx?Nav=136
I'd look thru the current gov. programs to see if I might qualify for one.....http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p
I'd keep an eye on the Hud homes available and read about the bidding process...http://www.tenmanagement.com/listings/state.do?code=NC
I'd keep an eye on stuff like this....http://mortgage-x.com/general/rate_trend.asp
In other words, as you work on getting your credit to where you want it to be there are many sources of information available to you. I would make use of them in order to better understand the the market area and what is possible..
Good luck, Dunes
1. They don't care much about credit. Bankruptcy which has discharged for 2 yrs can qualify.
2. You can put down as little as 3.5% for down payment
3. FHA Streamline will allow you to refinance after 6 months without credit check and no appraisal. FHA will refinance in the future at today's appraisal value regardless of the declining market. Thus even in declining area, prices dropped, still can refinance. The only requirement is that your original loan is FHA.
Don't know how bad your credit, please consult a mortgage agent to check your credit and options. If you need credit repair, Erica McClen (1st answer) has referred you a credit repair company which would help you too.
Good luck with your home searching.
Contact Chris Earnhardt at Alera Financial at firstname.lastname@example.org to set up a time to chat.