Will I Ever Be Able To Buy A House?

Here I am, approaching mid-life and living in a small condo. Granted I love my condo, and I own it clear and free. But it is small and awkward when you have overnight visitors. It is a two bedroom, two bath, but somehow you feel like you are on top of each other. There is not a lot of storage space. And on and on.

So why don't I buy a bigger condo or a house? It is a great time to buy with the bad economy and the great low housing prices and rates. Why? Because I have a lousy credit score and not enough money saved. I really messed up when I was younger and accumulated too much credit card debt. I spend money like craxy. It passes through my hands like water. I'll be honest--my credit score is an F. How can I get a mortgage with bad credit?

Since I own my condo, I guess I could sell my condo and buy another property with the help of a bridge loan
I may have to do that, but I would really like to keep my condo and rent it, and apply those payments to my new house payment. The rents in my neighborhood are high, so that might be doable. But I have never done this before, and I have a lot of organization to do before I can accomplish that. I would have to keep up with what repairs need to be done and have enough money banked to do it. I really want to do that, but am I ready for it?

When I was in New Orleans this last May for the Rotary International Convention, I went on a Katrina tour and saw the work that is being done with rehabilitation of the homes that were destroyed. I hear there are rehab loans that you can apply for to fix such homes. Homes in other cities can also qualify for those loans, but not sure if any in my town would. I love the idea of fixing up such a home. .

Right now I need to concentrate on getting my credit score up. I know there are some companies out there that can help you buy a home with a low credit score. But rather than that, I just need to get the score up. Part of it is just paying attention and paying bills on time, something I have had trouble with lately. Focus, focus, focus!.