It doesn't pay for a bank to be "Flexible" any longer. We are required to assess a borrower's ability to repay. Part of that test is to assess the borrower's "Willingness" to repay. Outside of outright fraud, a 470 demonstrates a lack of willingness to repay.
Once you have discussed your situation with a professional, they will be able to give you a better idea of how to get on track regarding your credit, that way at least down the line you can get that interest rate lowered. If you'd like the names of the lenders I prefer, feel free to contact me anytime.
Licensed REALTOR in Iowa
Mel Foster Co.
3211 E 35th St. Ct.
Davenport, IA 52807
Mobile: (563) 449-2482
Office: (563) 823-2222
Another way would be owner financing.
If you do not quailify now, they can tell you what you need to do so you do quailify in the future.
Please see my blog for more tips and advice on getting a mortgage