How hard is it to buy a house right now with bad credit?

Let me give you a little background first.When I was 18 I got lots of credit, trying to establish my credit.Got credit cards, a car, etc. %26amp; paid everything on time.I was making great money--even to be that young, but after 3 yrs I lost my job %26amp; just couldn't make enough money.My bills got behind, %26amp; w/working 3 jobs it wasn't enough, so I filed chapter 7 banktruptcy @ age 22. After that, I got back on my feet, got a good job, %26amp; only got 1 credit card to re-establish my credit,%26amp; I was able to get another car in my name.I paid great for 5 yrs, getting a little more credit each year.However, my top score only got to be 560.Then, the bad comes:I was in an auto accident %26amp; was out of work a lot %26amp; ALL my bills got behing for a year.Some credit cards have not been paid on in 6 mths.My main concern was paying household bills so I would have a place to live.My question is after all of this, will I be able to buy a house? I have heard so much about the real estate issues right now %26amp; they say itHow hard is it to buy a house right now with bad credit?
Right now banks will not even consider a mortgage to someone with less than a 650 fico score, the business of sub prime is done for the time being. So unless you get your score to at least a 700 you would end up with a pretty high interest rate if the bank even lets you purchase. There is also no such thing as a 100% financing anymore, so be prepared to put down at least 5-10%, banks will be looking for closer to the 20% since there is more money up front and less chance of default.How hard is it to buy a house right now with bad credit?
Wow! You have a lot of information there!



Based on what I see here, you should be able to get a mortgage, quite possibly by qualifying for and FHA mortgage.



There a few really good Web sites to check out.



Good luck, trust your professional and have faith.
When applying for a home loan your credit report will be reviewed and you may be required to provide a number of other details, including: Employment and income records, Tax Returns for the last few years%26lt;!--List of assets, List of liabilities and what you owe, Your budget showing monthly living expenses so that you can demonstrate an ability to pay.



http://best-loans.awardspace.com/homeloans.htm



http://mortgages-finance.awardspace.com/



With this information you and your lender will be able to determine the kind of home loan and size of the right mortgage for you. In some cases, you can obtain a pre-approval or pre-qualified--%26gt;certificate, which shows how much you can borrow so that you can then shop for homes in an appropriate price range.
Depending on the whole situation I could get you a condo with FHA.