Try for an FHA loan. They dont look at your score at all. They only look at your report for the past two years. They require at least 3% down. Dont give up. My situation is similar to yours. My overall goal is to be in the position to buy a new home within two months. I will pull my scores Friday to see if I can qualify for a 95-100% conventional loan. If not I am going to try FHA. Hope this helps.
Hi, As of yesterday I was eliminated from the possibility of getting a mortgage based on my mid score of 588. My mortgage broker said subprime low is now 600 for 95% mortgages. I was planning on purchasing a home for $180K w/5% down. I make 60K a year. Now I find myself in major FICO repair mode and am considering selling my car to eliminate the 300/mo pmt for starters. I'm about 4K in cc debt with 50% balances that I'm paying down as rapidly as I can. Any other suggestions? I am a single parent and would also like input on possible assistance with that. Thanks