Hi Laura -- it depends. If you recently experienced a bankruptcy, short sale or foreclosure, each answer is different. The other option is to find an "owner carry" property, which means the seller carries the note until your credit is good enough to refinance. These properties can be hard to find, but they are out there.
Please let me know if you have further questions. Julie Montgomery, RE/MAX Masters, Inc., www.jmontgomery.com