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while there are tons of people on here who know more about investing, than me, savings account is not the way to go... Even a CD would net better interest, and since it sounds like you wont need access to the money for 2 years, it would work out well.
there are tons of programs for first time home buyers, even with non-established, or questionable credit. Ask and apply with more than just the banks. Private morgage brokers are often able to work with companies and programs that the banks are not able to. When you start working with a relator, they will be able to give you resources for getting financing, and often times, the bank is not the way to go in todays market.
Since you have 2 years to plan for this, i'd strongly suggest getting a copy of your credit report and review it. There are quite a few changes you can make in 24 months to drastically improve your fico score. You might find you have open accounts you no longer even use, which can add to your available debt ratio, until you close them. for 30 bucks over at equifax or any of the other credit reporting agencies, you can get a quite detailed report with lots of suggestions on what is counting against you and what you got going for you. Use this as a guide for the next 24 months, get with a private financing company or broker, and you should have no problem securing financing.
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