It's easy, if you don't mind a little work. You can buy a house or investment property with really lousy credit, below I will list a few examples:

There is a saying that every dog has his day, this is even true if your credit is a dog, you just have to look for the opportunities in the marketplace. With literally trillions of dollars worth of real estate out there, you too can find a home of your own. You have to think outside the box.

Creative Real Estate is your first stop. The uninitiated think in terms of bank loans and money brokers, while those can work for some, they don't work for everyone. If your credit is really lousy, banks will turn you down and brokers will often waste your time. But you may know this already.

There are many sellers who are highly motivated to sell a piece of real estate do to their own personal circumstances. These sellers need to find someone to step in and take their property ASAP. These are the sellers who will consider creative offers. But be patient, you may need to make a few offers.

Here are some ways to finance that home:

Lease Options-You lease your new home with a pre-set option to buy at a predetermined price over a period of time. This includes a credit within your lease payment wherein part of you payment is credited to your down payment. You usually need to put up some option money ($1000-$5000) which is also credited toward your down payment. Simply make your payments on time for one to three years and a traditional lender will be much more favorable to your mortgage application when you are ready to purchase. You should also be working on improving your credit score during the lease period.
For Example-Joe Smith's house costs $100,000. You give him $2000 for option money and agree to lease payments of $1000 per month with $300 per month credit toward your dowm payment over two years. When the option period is over (2 yrs later) you'd have $7200 in lease credits plus $2000 in option money for a total of $9200 down payment. If you have made your payment on time and worked out some of your other credit problems you can qualify through many lenders.

Lease/Rent to Own-This can be a hybred of the lease option and the contract of sale/contract for deed (more on this later). Suppose you did the lease option above with Joe Smith and made it through the two years meeting all of your obligations on time. Instead of going for outside financing, Mr Smith finances the rest of the deal on a Contract of Sale.

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