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[quote=Anonymous][quote=Anonymous]Realistically, you probably can't get a mortgage with that credit score, even if you could afford the downpayment and mortgage payments (and when you figure those, don't forget to account for property taxes and the PMI you will have to pay since you don't have enough for a downpayment -- those weren't mentioned in your OP, I believe).  Maybe try some local credit unions, if you can find one that will work with you more individual basis to understand your whole financial situation.  Sometimes if they can see that your score is due to one bad period, but you've paid off all the debt and are current on your payments since then, they'll be willing to take a chance on you (although it'll still affect the interest rate you can get).  Even if you can find one that will work with you on the mortgage, though, you pretty much don't have cash for a downpayment (not without wiping out your savings and leaving you with zero cushion, a prime position to end up exactly where you were two years ago).

[b]I would accept that you're going to be renting for another five years until your credit improves, and find anything you can do (cut expenses, get a second job) to boost your savings in the meantime.[/quote][/b]

+1. No one will lend to you with a 591 FICO even if you have 20% down which you don't.  [/quote]

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