Bamrak

I disagree. You *might* have to shop around a little more, but you can get the same rate as someone with good credit, in fact the same person with the 'good' credit would score a higher rate because the amount of potential credit they have (you know, all the Sears and Home Depot cards you never canceled to build your credit).

If you learn to not rely on credit, you can prepare to save yourself a lot of money by learning discipline when you DO buy that house. You can simply buy it on a 15 year and not a 30 year mortgage. The rates are better, the savings is nearly twice as good, and the feeling of paying off a house in half the time must feel great. For an example, I looked up current interest rates tonight and thought you'd like to see what the better rate on the 30 would net you ( since we're dealing with credit, this is still kinda relevant)

With a 15 year mortgage at 4.839% the total interest on 80k is $32,670.24 with a 625.95 payment. Over the 15 years you would pay 112,670.24 for the house.
On a 30 year at 5.504% interest on the same amount is $83,595.52 on a 454.43 payment, which at the end of the 30, you would have pay 163,595.52 for the same house, which is nearly double.