How do I get a home loan with bad credit in Maryland?

I’m a first time home buyer in Maryland, so I qualify for FHA. How hard is it to get a home loan for around $90,000-$125,000 with poor credit? It’s in the low to mid 500′s.
I simply had a bad situation a few years ago that drove me into the credit situation I’m in. I have basically every account in collections, but I’m actively paying them off through a credit consolidation company. I’m making $58,000 a year.

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2 Comments at "How do I get a home loan with bad credit in Maryland?"

Judy August 4th, 2010 (#)

It’s not the score that matters so much to FHA. It’s your
income
down payment
employement and length of employment
What is on your credit reports themselves.

FHA like other major lenders do not focus on the scores.
They view your reports in detail and make their own decisions along with other factors.
You need to let us know the other factors.
Are your reports fixed? Is everything paid off in your reports? – this makes a huge difference to FHA.
/

Landlord August 4th, 2010 (#)

It won’t happen, although your score is rather flexable, yours is too low, get it up another 100 points.