Will it be a good option?

I am just 38 years old and have just gone through three tough years. I was divorced and lost the house and custody of my children and I had to start over from scratch. At the same time I was in a failing business that left me in huge debt and unemployed. Right now, I have no savings but a good job, my fiancé and I have been paying rent of 850 - 1000 a month for almost three years but would like to buy a house soon and take advantage of the tax credit. The reality is that I had a 780 credit score for 17 years and have had some very bad luck recently and that quality of credit is long gone. She was able to pay for college and her car with a trust-fund that was established when her father died. Living in Ohio, it is not hard to find a quality home cheap and we have found one that fits our range and with mortgage, taxes, insurance and PMI that is less than the rent we have been paying for the last three years. Will it be a good option to go for it now?