If my mother and father are willing to co-sign, will that excuse me bad credit?
A conventional home loan underwriter will require the lowest median scredit/fico score. The representative score is lowest middle FICO score. You should have 3 FICO scores, one from each of the major bureaus. A good starting point is the mid 600s.

Can I get cash-out with a new home loan?
when did you settle on property?