Generally a minimum score of 640the is required. You would have an easier time if you avoided Wells Fargo or any of the biggerbanks who are all imposing additional requirements not required by the Government.... more
Your spouses credit doesn't effect your score but it does impact your ability to get a mortgage.
Both of you need to understand that your bad credit is a direct reflection on you and it's going to impact your lives negatively for years until you suck it up and do the hard things you need to do in order to improve it.
You need to put away your credit cards and stop using them entirely. You need to start paying down your debt regularly every month and living well beneath your means this year. I would encourage you to visit the website: http://www.nchfa.com/ where you can find some credit counseling and mortgage assistance.
Your credit didn't become as bad as it is overnight and it won't get repaired overnight, but if you'll commit to a year for focusing on the issue and working to fix it, then this time next year I believe you'll be in a good place with good credit. I wish you all the best and a successful 2013... more
Building up your credit requires you to first establish some credit (car, credit card, store credit card, utility companies, student loans are all examples) and to use it carefully and make certain you pay off your bills on time. If you do this for a year or so you should be in a position where your credit score will qualify for a mortgage.
Of course you will also need an income that shows you can afford a home and money saved up for your down payment and various closing costs. I've attached a link below that offers more information for you as well.... more
If it is in foreclosure there is not much you can do until the foreclosure process is over and the ownership transfers to the bank or another person at the county auction. Then it will likely be placed for sale in the mls system where you can make an offer on it.... more