how bad is a credit score of 550

Can I qualify for a Home Loan with Bad Credit?

I have a credit score of around 550 or so. Although I have worked as a full time firefighter for 4 years now which may help as far as job security goes. Also, I have good rental history with timely payments for over five years. My wife and I make about 100K a year combined. Her credit isn’t the greatest either. Any advice would be apprecitated.

Maybe you can find a owner willing to carry a contract. Banks just aren’t doing many subprime loans now. You would need a huge down payment.