Would you guys mind giving a first time home buyer with not so good credit score some tips? I'm just nervous about the whole situation and a little conversation might ease my mind. It's a lot to step into! And, I'm under-researched for sure. that's the way it will have to be as I don't have much spare time these days. Hopefully a good buyers agent can help guide me!

Anyway, my general situation is I earn around $50,000/yr, and have had this as stable income for around 10 years, with the same company. I am in a small apartment with my fiance and our 2 year old. We also have another on the way, due next year. We need more room! We are in Central FL (incomes are low, home values are low).

My fico scores are TU660 EQ645 EX596. So no help there. It's pretty much summed up by-- a 6yr old secured CC I stopped paying on, an old phone bill and two ER visits (less than $200 each for the ER visits). The credit card is really haunting me 6 years later. Also, my two credit cards that I currently have, I have only had for about 2 years. And no personal loans. So I have little positive credit history. But, never late on a payment.

The lenders don't know it, but I am actually someone that is low risk to lend to, with my situation, but my credit profile is no reflection of that.

I want to put down about $20,000, but I could come up with more if absolutely necessary.

So, for someone like me, any tips? I'm thinking of contacting a buyer's agent to help me.

Should I even attempt to apply for a conventional loan.(middle score 640, 50K income,$20-40k down)?
FHA a better option?