Not likely, however contact a mortgage broker in your area that is willing to work with you - they can tell you how to improve your credit score (get the best bang for your buck). This is not an instant solution, but it's not a long term problem either. While you are working on improving you score, make certain that you do not do anything that will negate your efforts - like missing a payment.
the problems you will find are that you have undocumented income an the price of the home. For some reason (could be many), banks are having a real tough time financing homes on the lower end of the scale. You might have a better time in finding a home that is available under land contract - where the sell acts as the bank. The down side is they usually require 10-20% down, but you may find someone willing to work with you. Land contacts can be hard to find, but they do exist. Contact a local Agent in your area and let them know what you are looking for and let them know it needs to be a land contract.
Best to talk with a lender and get some advice on how to bring your credit scores up. If you are in need of a couple of lenders names and numbers I would be happy to provide you with them just let me know.
What the law says is that the buyer cannot get any money that is not on the HUD. The catch 22 is that the bank will not allow it on the HUD settlement statement if you are getting a loan from them. Best if the seller puts the carpeting in for you.... more