It depends on a couple of things.
1) How low is your score & why?
Even if you have the minimum score required you can still be denied based on your credit history so knowing why your scores are where they are is critical.
2) The type of mortgage you're looking at.
On a no money down USDA mortgage it could actually disqualify you for this type of loan & yes, Astoria is an area that's eligible for the no money down USDA mortgage.
On an FHA mortgage it may help because it will show up as an asset but it may also hurt your debt to income ratios because the property taxes & insurance have to be counted as a monthly debt.
On a conventional loan, you would need to put at least 20% down and have a minimum credit score of 620 to qualify.
3) What are you going to do with your current home, sell it, rent it or keep it as a vacation/second home?
If you sell it, that would mean having more money for a down payment which will offset the risk of a score under 640 as long as #1 isn't an issue. Having money in the bank for reserves will help as well. If you rent it, the rental income can be used to offset the expenses (see #2) which reduces your debt to income ratios and further reduces the layers of risk.
Please feel free to contact me for more information or help.
Senior Mortgage Banker
Peoples Bank & Trust Co.