As not really knowing what "bad" is....let me just say that conventional loans require a min 620 fico and FHA loans for the most part can be secured with a fico score of 580. Most lenders are 600 or higher for FHA and a few do allow lower than 580. Then you must meet the remaining guidelines, income, Debt ratios and the property would have be "loanable" meaning no health and safety issues. Many foreclosures are in need of repair due to deferred maintenance. Hope this helps...
If you have bad credit you will not be able to get pre-approved. I recommend credit repair until your scores are at a 620 or higher.
The type of home you purchase, has little to do with getting a loan, assuming the house is in OK condition. Your personal situation is the big ticket, and having bad credit means you are not likely to get a loan. Of course I have no idea what your personal credit looks like, but when most clients say bad, it usually turns out to be bad enough that you get denied.
Credit scores are essential in obtaining a home loan. Anything under a 620 isn't "loan ready". Regardless of the condition of the home you are trying to purchase. I offer credit restoration. Good Luck.
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