Can I acquire a mortgage after identity burglary & tattered credit because of it?

My husband and I are looking to buy our first home. When we talked to a lender 2 years ago they had preapproved us but we contracted to hold off on buying. Back then my husbands credit mark was 642. at that time we were both simply 21 so we didnt have too much credit experiance. A few loans and car loans that be all paid contained by full on time never late. It be goiung to go in lately my husbands name because I was a casualty of identity theft in 2003-4 and it have followed me. (Yes i contacted FTC & IRS and all that). Now, i think it have followed him. Their are charges on his credit we have disputed that were unauthorized. We also put a fraud alert out to the 3 agencies. His credit mark has now fall to 489. The house we want is $85,000 and we only have $3000 to put down. Their have never been a gap within employment, we make 35,000 a year with 2 kids, and really want our own home. Is their hope? :o(
Answers:
No, in attendance is no possible way to get a loan until you go and get this cleared up.

You obviously have not convinced anyone that those charges are not yours, it take about 6 months to deal near ID theft, not over 5 years.
Probably you have some wrong items contained by your credit report. Use credit repair service to find and remove such bad stuff from your credit - creditreport.undonet.com

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