Is there hope for us at all? Mortgage after BK, bad credit, etc?

Kat asked:


How bad, really, is the mortgage financing “crisis” right now? I am very worried, since we are purchasing our current house on a lease option and have to finance early next year. Have BK on file, some delinquencies since, but had 10 + years perfect credit history and high credit scores (not that it will matter anymore now that our credit has been ruined). At the point we have to finance, we will have been out of BK for 2 years exactly, will have had “perfect” payment history for 1 year, scores will most likely be mid/high 600’s. What are our chances for financing? Not necessarily at a “great” rate, but just financing period? When we did this lease option, we were assured by our realtor that all was good, that the mortgage crisis was not as bad as it was portrayed, that we would have no problems getting financed…but now I’m not so sure. We talked to several mortgage brokers recently and have been told that guidelines are very strict and that there may be no chance for us.

Jason
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