VA mortgages have no score requirement, but VA lenders score requirements are similar to FHA's. VA is 100% financing for Veteran's.
USDA Rural Development mortgages have no score requirement - however if you go through a lender most will have 620 or 640 minimum scores, but if you go *Direct* to USDA they do not have any minimum score requirements, but it takes a little bit longer - Harrah is an eligible area, all the way west until Chocotaw Rd.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do to check the eligible areas and also if your income is not too high/within eligibility limits as well.
Fannie Mae & Freddie Mac mortgage programs require a 620 score, however with less than 20% down you will likely need at least 660-680 scores.
Credit score isn't the only item considered though, what is on your credit report is equally as important. If there are late payments or delinquent accounts in the last 12 months when you apply then that can curtail your chances of qualifying. If it's free of those items for the past 12 months then your credit may be good enough as it is. If there is good reason for negatives, such as an accident at work that prevents you from making money, a medical situation keeping you from working, or a death of a family member who was a wage-earner (among other situations) then that is taken into consideration.
Feel free to ask more questions or provide more information about your situation to get further evaluation.
However if you have a fair issac score of less than 600, you may have to start thinking creatively in your purchase financing.
As I am sure you know, if you have all cash, you can buy tomorrow.
There are hard money lenders that do not care about your credit score, just e strength of the deal and how much down payment you have. These are expensive options, and typically they will not finance a primary residence, only investment properties.
A popular method before the mid 90's and my personal favorite way for someone to purchase, besides an all cash transaction, is with a seller assisted financing transaction.
This can be the assumption of the loan (you must qualify for the loan on your own merits)
Or it can be the creation of a wrap around loan in which the owner takes their current loan, and has you pay it plus a percent or two.
Another way is a lease option, in which you purchase the option to buy at a predetermined (usually a little higher than today's market) price. And in the amount of time that is given in the option, and it's extension periods if written, you can fix your credit and purchase the home with a conventional loan, or other method.
Usually a portion of the rent goes towards the purchase price, as does the upfront downpayment. But you will want to talk to your local expert realtor to get that down right.
Do you have a large down payment saved up? Do you have circumstances that have changed in the last 24 months which would lead to an increase of your credit score? have you checked to ensure all the negative aspect of your credit are in fact yours and not someone else? Having bad credit makes buying tough, but having large down payment can help an underwriter look past one aspect of the loan.
here is a good blog for buyers:
best of luck
If you're planning on obtaining a mortgage, your credit score is critical to your ability both to qualify for a loan, as well as the ability to get a reasonable rate.
If your credit score is truly bad (and everyone's idea of "bad" is different), then it might be seriously problematic.