You are really worried the bank will not approve your request for a bad credit home mortgage. Just like most people you have always known you wanted to buy a house so you saved and saved and have a really good down payment. The only problem now is a couple of years ago you got into that accident, were hurt and couldn't work for 3 months. You got a little behind and your credit score took a hit.
It is understandable that you would be scared or concerned that the bank would have a problem with your credit score. I mean that is what they look at when considering someone for a loan, right? Right, but don't worry, that is not all.
No, I am not pulling your leg. Listen. There are quite a few things the bank will look at when considering you for a loan, not just your credit score. first of all when they see the little blip on your credit report they will ask you about it. If the explanation you give is reasonable and legitimate they will take that information under advisement and give you the benefit of the doubt during the decision phase of the loan process.
The best thing you did for yourself is save your down payment, believe it or not. Yeah, your credit score is not the best but because you have a really good down payment the bank will look favorably on you and possibly even take the interest they will charge you down a point or two.
If you had not saved that down payment you would have a harder time borrowing the rest of the money you need but even if you do not have a down payment, getting a bad credit home mortgage is not as impossible as it would seem.
You will also do your self a favor if you have been at your same job for at least a year. Several years at the same position is better but the bank will see one year and be encouraged that you tend to hang on to jobs and are not irresponsible when it comes to your financial obligations.
If you need to, your lender can convince the seller to hold a note on a portion of the loan just like it was a second mortgage, say $10,000. You make monthly payments and maybe even agree on a balloon payment at the end of two years. This is not written in stone however because you should have the option to refinance the small loan within that two year period.
If your credit score is less than perfect you will most likely pay a higher interest rate. but, with the the economy in the condition it is in, even a "bad rate" right now is not really so bad at all.
Presenting enough positive attributes to outweigh the hit on your credit should be enough to have the bank say yes to your request for a bad credit home mortgage.