Yes, it's possible to buy a home with bad credit. However, a person in this predicament can expect to;
make a larger down payment
pay a higher rate of interest
have a loan that's amortized for fewer years to effect a faster payoff, but with large monthly payments, or
have a loan amortized for a lengthy time to keep the payments reasonably low, but with a a balloon payment in say 4 - 5 years
A key to a person with compromised credit getting financing to purchase a home is total disclosure. They must be willing to give all of the information so that there are few if any surprises along the way.
