You know better than anyone why you have bad credit, but the why doesn't even really matter. If you wanted to run a marathon, how would you go about it? You'd train, you'd get into shape. You wouldn't just get off the couch and start running.
Well, what if you had a sprained ankle. Now, you've got the rehab the injury BEFORE you can begin training.
That's where you are, with a sprained ankle and out-of-shape, credit-wise. So first, you have to rehab your credit - start paying off your bills on time, paying down the balances, rehabbing. Then, you have to build up stamina - keep paying your bills on time - until you can get that credit score into the high sixes.
Then, and only then, should you consider entering into a commitment for a thirty-year loan.
I don't think that is possible. Most lenders us specific guide lines for loan approval and a home must be inhabitable, I believe that means it must have a potable water supply. Also Freddie Mac is not in a position to be giving money back at closing. You may need to go to a "hard money" lender or buy it for cash. Considering the circumstances of the property maybe Freddie will unload it for a song and a dance. Good Luck.... more