A lot goes into determining your eligibility for a home loan. If you are looking for a conforming loan, the lender should run DU on your file to determine if you are excepted. DU (Desktop Underwriter) will weight your qualifications on more than just your credit score. It will look at the big picture of you as a borrower. It is going to weight your credit, income, debt ratios, down payment, amount of reserves, etc, to give you a total score of your qualifications. It when then either "accept" or "refer" your file. Accept means you meet requirements, refer mean their are some issues and it needs to be manually underwritten. If you would like some further clarification on this feel free to email or call me.
Bank of America Home Loans
We can do loans with credit scores ranging from 600 and up FHA. There are more factors beyond credit score that go into a mortgage approval. With a 610 credit score mortgage lenders are going to have overlays or additional guidelines that will have to be satisfied that may range from having additional assets after required down payment (reserves) to lower debt to income ratios which is figured by dividing your liabilities by your gross income. Good luck in your path to Home Ownership and have a wonderful weekend. To work with me you may visit my website at http://lo.primelending.com/gspaulding.
PrimeLending Ventures, LLC
With regards to income, we look at obviously the amount of income you make but also the stability of your job (how long you have been there). As far as credit goes, the scores are important somewhat because they can determine which programs you're eligible for, but just as important are the items on your credit report and the REASONS behind why your score is where it is. If you have a history of late payments, especially in the last 12 months or so, then regardless of your score you may have difficulty qualifying. Likewise if you have excessive debt it may impact the amounts you can be approved for.
Your best bet is to get some referrals from friends or family and talk to a few lending institutions to see exactly where you stand. At the end of the day, it may just make more sense to hold off until you can get those scores up and put yourself in a better position to qualify.
Best of luck