NEED ADVICE ON HOME PURCHASE

[Carren Krusleski]

Hello.  I am wondering if it is possible to get a loan for my parents home.  The home is worth about 325k - 360k judging from comps in the neighborhood.(and when it is fixed) currently has a rodent problem and needs to be cleaned out. this home is just a bit larger than some of the homes in the neighborhood (3100 sq ft)  one down the road at 2600 sq ft. just sold for 330k.   (parents Hoarders) finally got them some help and moved out.  Home is in a Very Nice neighborhood and area in Spring TX.  on a HUGE wooded lot.  my father is willing to sell me the home for 130k dollars.  IF i am able to get financing...I am not sure whether to move into it or to rent it out.  I already have two individuals that are willing to pay 2400 per month rent ...if i decide to rent it out after its cleaned up.     MY PROBLEM is that i have a 550 credit score.  my ex ran up and defaulted on 6 credit cards last year i did not know about and dropped my score. I have been on my current job just over 1 yr... Only bill that i have is a new truck i purchased 4 months ago.  I make 85,000 per year.  Does anyone know any way to get a loan on the property given my credit / work situation.  I was thinking that given the large equity position that would exist...it might help....but i really dont know.  would love some information from some knowledgeable members.  Thank you for your time !