Tim,
I have helped many people in your situation own their home through a rent-to-own system. We utilize a credit cleaning company to build credit and set aside a portion of each rent payment for down payment. I would suggest looking for lease option or rent to own properties in your area. They are becoming more popular because their are countless people in your situation.
Otherwise I would suggest finding a credit cleaning company, saving for a down payment, and getting a copy of your credit report if you don't know the score. You should start with the credit report. You can get a free one at
http://www.freeannualcreditreport.com
You might want to check RateSpeed as well. They offer transparent mortgages so you don't get taken by a crooked mortgage broker. You will see the wholesale rate you qualify for without entering any personal information (no social security number).
- Wed Aug 13 2008, 16:14