l have bad credit, l would like to look into buying a house, is that a possiblity?

no

Best thing to do is call and find out. It does not cost anything to try and get pre-qualified. I've had people tell me their credit is bad, then l pull their credit and it is not as bad as they thought.
Give it a shot = )

You must find a good lender that is willing to work with you. Never settle for an ''adjustable rate mortgage.'' That is what has the US banking system in such a mess right now. Demand a fixed-rate loan with a 15-year term. Watch for any balloon payments, too. Those will cause u more harm than good. Also, do not take any second mortgages on any equity u might build up on the property. Get that loan paid off as soon as possible. There r lenders out there, but they r very predatory in many cases when ur credit is not so great. Have a good attorney with u when u sign those loan papers, & make sure u do not get stuck with one of those stupid ARM loans that will eventually cause u to take a foreclosure when the rate goes up because ur payment did not get credited on time.

Clean up ur credit, start now & pay every bill on time, make a couple of payments per month. Set up automatic payments if u can not remember to pay ur bills. I've had clients who got mortgages after bankruptcies, but only when they had taken pains to improve their credit. So start with that.

You will need 5% down, & u will have to pay mortgage insurance if u do not have 20% down. The Canadian market is different than the US one so do not pay any attention to the FHA stuff & 15 year terms, they do not exist here. Credit unions can be good sources of funding so if u qualify consider joining one.

Good luck.

YES, BUT YOU WILL NOT GET MORTGAGE FROM GOOD BANKS, YOU HAVE TO GO SOME B-LENDERS OR PRIVATE LENDERS..