Tyrone, Never say never. However, the odds aren't good if you should purchase a foreclosure or otherwise. Get a hold of a good credit counselor who can fairly assess your debt and possible ways to clean up your credit to the best of your ability. You may need to age your credit history for a period of time to prove you are able to make your payments on time and eventually your credit rating will begin to climb. Credit repair can take some time but of course it is worth it in the long run, all day long. Good luck.
Diane Wheatley, Broker
Move Up Properties Real Estate Brokerage
First thing you need to do is straighten out your credit by paying off and or catch up with all delinquent accounts. Get your most recent pay stubs and 2007 and 2006 W2s together, then go speak with a Mortgage Rep. See what your Credit score is and as well as see how much you can qualify for. Supposing you score is high enough, you may be able to apply for an FHA Loan with a good explanation as to why your scores are that low. (bad, using your word).
Century 21 Calabrese
The best thing you can do is to try and improve your credit.
Lenders are following strict credit guidelines. If your credit score is below 640, which is the min score needed for a FHA loan it will be just about impossible to get a mortage loan from a major lender.
Why do you need to buy a foreclosed home? We have plenty out here that have owner financing. When your credit improves go get a traditional loan and re-finance. Don't let NO stand in the way of your dreams.