That all depends on what that credit score is, why it is and can anything be done to improve it. A conversation with a trusted local mortgage professional will go a long way in getting the answers you need to move forward. Credit can always be improved, no shames, many people have had challenges.
If you are in immediate need of a mortgage and your scores are well below current underwriting guidelines, you may have to seek a 'hard money' loan that typically requires in the area of 50% down. They are short term only, usually maxing at 18-24 months, and are not cheap.
Your at the doorstep of qualifying for an FHA mortgage, depending on the reasons for the credit score, if you have anything outstanding from a judgement or lien and the strength of compensating factors on your mortgage application and associated support documentation.
I would suggest finding a local, reputable mortgage professional, preferably by personal referral. A review of your credit report and an in-depth discussion is the best answer to get you to where you want to be.... more
Probably - minimum score is 640 as I have been told. However, renovation loans are super difficult to get and Homepath Reno is even harder as very few lenders can do it. With a lower end score, you will probably need to have good assets, low debt to income ratio and good credit history.
I know a lender who does this and I would be happy to hook you up with them. Or I believe they are on the fannie mae website at www.homepath.com.
On the other hand, an FHA loan with no reno or even a conventional would be a lot easier.... more
Since most of these deals NEVER actually close, you would have to pay more than I bet you want to. Just rent, fix your credit or what ever is preventing you from buying and buy when you REALLY can and avoid this foolishness.... more