You definitely want to get with a lender or mortgage broker immediately so you can put a plan of action together. Brokers offer better options than direct lenders in most circumstances because they work with multiple lenders at the wholesale level. So their fees and rates are typically going to be much better.
In your situation you need to find somebody who can help you get your credit to a 640 o higher number in the next year. Depending on what caused your score to be so low that is very doable. Go back and read some of my answers regarding how to rebuild your credit. Set up secured credit cards and do not charge over 30% of your limit. Put $5000 in a CD with a bank and take out a secured installment loan and pay it back over the next year. Your interest charge will be minimal because it will be the difference between the CD rate you are being paid and the charge for the loan.
Do these two things now and you could easily have scores over 100 points higher a year from now which would put you in the drivers seat for financing. You may even be able to achieve 700 plus credit scores if you do things correctly.
Hope this helps.
Don Groff | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | firstname.lastname@example.org