Can I become a homebuyer even if I have bad credit, and don't have much for a down-payment?

You may be a good candidate for one of many available mortgage programs. A few programs work with little money down and in some cases, 100% financing is a possibility.  Start by contacting a real estate agent so that they can help you sort through your options. Also, ask about Orlando and Central Florida homebuyer assistance programs designed for the first time homebuyer.  

Again, contact a Realtor.  They'll help you evaluate your loan potential and put you in touch with a reputable lender. A Realtor will know what kinds of mortgages the lenders are offering and can help you choose a lender with a program that might be right for you. The first step is getting pre-qualified for a loan. That means you work with a lender and apply for a mortgage before you actually start looking for a home. Then you'll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.

Your real estate agent will be familiar with lenders in the area and what they offer.  Most lenders in the Orlando area need about 2 to 4 weeks for the whole loan approval process, although our lending partners have been known to get our clients through the process in less than 7 days.

First, you'll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. Your real estate agent will be able to help you get information from the seller on how much utilities normally cost for that particular home. In addition, you might have homeowner association or condo association dues. You'll definitely have property taxes, and you'll have homeowners insurance. Taxes and insurance are normally rolled into your mortgage payment. Again, your agent will be able to help you anticipate these costs.

Guide for First-Time Homebuyers in Seminole & Orange County Florida - Part One of Two (Choosing a Realtor and the Home Buying Process in Central Florida)