There are programs out there geared specifically toward borrowers who have had bankruptcies, foreclosure's and/or short sales. They are commonly called "fresh start mortgages. However, most will require a minimum credit score of 600 and a minimum down payment of 20-25%. Seller financing can be a good option to consider as well. Down payments vary greatly from seller to seller with most looking for a minimum of 10-20% down (although I have seen some with down payments as low as 5%). Sellers willing to do carry backs are most interested in your ability to make your payments and turn your credit around to obtain a refinance within 2-3 years (although some will carry the note longer). It is important that you work with an agent that understands and has experience in seller financing when pursuing this option, as the terms of the contract and financing can be complicated.
I know someone who can put you in a home, you purchase it with whatever your credit score is. You need to have the same down payment as if you were purchasing via qualifying for a conventional means (standard FHA, Fannie/Freddie, Jumbo or Super Jumbo down payments based on loan amount.) The contract is written in a manner that you work toward bettering your credit in 2-3 years, then refi the loan and take on a traditional mortgage when able. It's a win-win for people in your situation. This is NOT a lease option, you own the home from day one. Contact me and I'll refer you into the program.
We might be able to help you. Please feel free to call me at 480-330-1899 or email me at SRoyce@OrangeSkyRealty.com and I will put you in contact with a few different loan officers that may be able to get you started in the right direction, so that you and I can start your search for a new home.
Orange Sky Realty
If you are interested you can check list of seller financing properties in Chandler, Gilbert and Mesa:
I am available to answer your questions.