Hello Teresa, it all depends on how bad your credit is. In order to obtain a mortgage you will need acceptable credit scores. If you are seeking FHA financing your score shoud be at least 650. With FHA you will need a down payment of 3.5% of the sales price. If you are purchasing a home for $200,000 you will need $7,000 as the minimum down payment plus closing costs. Get a copy of you tri merged credit report and look for derogatory credit. If there are any open unpaid collections are judgements contact the creditor and deal with them. To sum it up you will money for down payment and closing costs. You will need an acceptable credit. Your total debt should be no more than 42% of your gross monthly income.
Senior Loan Officer
Primary Residential Mortage
1604 Spring Hill Road, 2nd Floor
Vienna, VA 22182