It's obvious that getting a traditional home mortgage from a bank is going to be harder than ever at this point, but that does not mean that you are without other options. There still are ways to find a home loan when your credit has potholes that make you look risky in the eyes of a lender. You just need to search out different options from companies that will give you a chance.
One option may be to find a homeowner willing to finance their home themselves, or give you a rent-to-own deal. Since we are in the midst of a foreclosure crisis there are many homeowners looking for a way to prevent foreclosure on their home. If you can give them enough money up-front to catch up their mortgage payments immediately, they may allow you to rent-to-own or take over their payments until you have paid off the home. This is most likely to work out if you know the homeowner to begin with, but it is possible to find those you don't know who are open to an arrangement like this.
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