Getting a loan with bad credit is not impossible, but it will require a sacrifice of some sort. You will either be asked to put a lot of money down, be charged a higher than normal interest rate, or both. Depending on how bad your credit is, you may not be able to qualify for a loan at all.
If you really want to purchase a home, have enough for a down payment and have a job with regular income, one solution may be for you to do a lease with an option to buy. You would basically be living in the place you are eventually going to buy, while allowing yourself time to repair your credit. Once your credit is good enough to purchase the house, you then exercise your option and purchase the home at the original negotiated price.
If you would like to learn more about this, or discuss your options, feel free to give me a call.
Boardwalk Properties Inc.
Long Beach, CA