Tommy, there's a possibility that FHA program will allow borrowers with lower that 580 FICO score to get mortgage, it'll be higher down payment- 10%. There are some lenders that would actually get you an FHA loan with FICO score above 580 but lower 620; if it's over 620, then you should not have a problem at all.
I believe the new guideline for lower scores should come out sometime in April, I'm not quite sure though. Talk to a lender, they should know more about it. Besides FICO score, lenders also look debt-to-income ratio, credit history length, etc. Talk to a lender who is not just going to qualify or deny you but who will run different scenarios with your credit to see what would be the best one for you. They have special software where they hypothetically change something on your credit (say, you payoff your car or a credit card), what it'll do your score.
Also, check out these guys: http://www.united-credit.org/default.aspx... more