The best thing you can do is to sit down with a Mortgage Loan Officer in your area. If you don't have someone that you are familiar with, may I suggest you ask friends or family that can give you positive references for one. They will gather all your information, check your credit scores and explain what your options are. There is no one-size-fits-all, and since the mortgage credit criteria has been changing rapidly, it is important that you get current data. Make sure you are totally honest with the lender- as they are here to help you.
Don't give up hope- if you can't buy immediately, they may be able to assist you in putting together a plan by which you can work towards a purchase in several months.
Plus, if you have not owned a home before, you may qualify for the Federal 1st Time HomeBuyer Tax Credit- which is currently being "refined" by Congress.
All the Best to You!