How to get financing for buying a home when your credit rating is below 650?

I am a first time buyer trying to by my family home. I have some credit issues I am cleaning up but need to financing now. I own 1/3 of it and I am still coming up with no mortgage company able to finance me. I have been taking care of my mother until her passing away. I don't have verifiable income because I left my job to move in with her and help. I am just starting a new business and have the means to pay the monthly mortgage.

check out for sale by owners and call a few real estate agents and offer a L2P wrap. You would not need a credit check or income verification because the mortgage is already in place and you are just taking it over. Many sellers do not know they can sell that way

Your credit score is not the problem - you lack of income, or lack or proof of income IS the problem.

In this market no lender is going to give you a stated income loan with 650 credit - or even if you credit was higher possible.

FHA would be your best option for little to no down payment on a home with your credit score, however you have to be able to document your income.

If you are just starting your business you have to prove two years worth of tax returns from that business, so realistically, you are not looking at being able to purchase a home soon.