So if someone offered you a killer deal to buy a home...you would pay a big penalty and then have to pay the fees all over again to refinance the home you kept.  

TX property taxes can be a killer on non-owner occupied property.

The fees would be a killer if I did the rent to buy option.

So here we missed one payment in this example, but our credit report actually shows 3x30 day lates.Like @Harjeet Bhatti said, you're probably cut off from the gov't subsidized Fannie/Freddie stuff for an investment property for a year or so.However if you come across something, and it's such a screaming deal at that price that it still makes sense even with non-ideal financing (remember that if you have to choose between the two, killer price is better than killer rate -- as any successful flipper will attest to), there's a lot of "Alt-A" (once upon a time called "sub prime") that's come out just in the last year that's better than HML.

It's possible to get a loan but it would be from a Hard Money Lender just make sure i you have a deal it's a killer deal also you need to work on your FICO at the same time get a couple of secured cc and pay them on time if possible draft a budget and watch you spending.

Having no history is not a deal killer....having BAD history is. 

That's killer at 120k by Jan.When do you want to make 100k/year by?

What about finding a killer deal, with TERMS from the seller?  

Those taxes are a killer tho!

You can not compete finding leads if your competitor has a killer website.Just don't think "getting a website" is the end of the story.