If you have poor credit you're going to need some compensating factors to help you get financed.

- Equity in your home is a huge plus.

- If you have credit card debt, that is good, because when that gets paid down to a certain percentage your scores will shoot up very quickly.

- If you had a BK or a Short Sale, you're looking at 2 years until you can get back to buying or refinancing a home ( Chapter 13 is 1 year after the filling date ) Foreclosures will require 3 years. VA loans require 2 years for foreclosures.