How can i get a loan for a house with bad credit?

I am 27 years old, and I have really bad credit. I havent put much debt on my record in the last 3-5 years, and actually should be improving it as we speak. I want to buy a house in the range of like $120,000-$160,000. I dont have much money to put as downpayment, maybe like $5,000. I do plan on doing like a debt consolitdator to pay off credit card debts and charge offs that i may have from previous ';party days';. How should i go about getting a loan for that much? I know that most banks will not even consider. Should i buy if i get a loan or wait until i pay off my debts, so that i can get better mortgage rates. I am not that educated on this, but am trying to understand the loan and equity world. Please any advice would be appreciated, and ill give 5 star answer to the best! Please no stupid answers like I should have not ran up so much debt or not partied so much in my days. I am aware of this and Im seeking advice on how to deal with it. Thank you!How can i get a loan for a house with bad credit?
I suggest that you try and get a co-signer with good credit. Of course you would both have to trust one another.How can i get a loan for a house with bad credit?
http://hubpages.com/hub/loanswithbadcredit If you need a loan and you have bad credit, dont give up. The bank cant help you? I can !! Follow this link above.

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you can't - pay off the debt first and clean up your credit history



you'll need closer to 10% of house price in cash to cover down payment, closing costs, inspections, application fees, etc



if you have ';charge-offs'; on your credit history - they will stay there for 7 yrs - even if you pay off any negative items, they still appear for 7 yrs - they might say paid or closed, but they don;t disappear
actually right now you may not be able to get financed for that much. it depends on your income and just how bad your credit is. i would say you would need more of a down payment or find a cheaper house
Without good credit and not more than $5,000 you don't have much of a chance at obtaining this dream right now. I'd say buckle down, spend a few years concentrating on building and strengthening your credit and getting your bills paid off. I know it's a buyer's market right now but you do have to have good credit to buy a house. The sellers want to know that you'll be able to pay it off...with bad credit, you've proven to them that you can't. I think in a few years, with a lot of determination and good judgment, you should be fine!
Loan Tips for Bad credit http://thecanadarealestatenews.blogspot.