There are FHA lenders out there who will go down as low as 580 on the middle credit score if you meet all of the other qualification guild lines, but they tend to be a bit more expensive than if you had a middle credit score of 640.
Now, all that said, have you actually seen your credit report? If so, what does it say? Do you have any open collection accounts? Are there negative accounts (derogatory) accounts that are being reported by more than one company....for example, you might have an account that the original lender is reporting on your credit report that they have sold to another company, who is also reporting the same account; sometimes one account might be reported by several different companies.
If this is the case, you might be able to get your credit scores up in a short period of time.
Also, look at the ratio of your current balances on charge cards to the credit limit on those cards. If you're carrying balances that are close to their limits, the scoring models ding you because they read that as if you're tapped out.
I had one client who only had two charge cards with low limits...something like $300 and $500. She used the cards each month and had balances on the first that was around $250 and on the other that was around $400. When I pulled her credit, her middle credit score was down around 560.
Now, she had never had a late payment with either account and had no other derogatory information being reported. I "fixed" the problem by calling her charge card company with her (they were both with the same company) and requested that they raise her credit limit...which they did to $800.00 and $1200.00. We then pulled a new report and WALA! her middle credit score popped up to the low 700's!
Not to bore you with war stories, but I think that story illustrates how convoluted credit scoring can be and the need to have a good loan officer who is going to work with you.
My company, Bank of England has offices there in Texas, but I can also work as your loan officer is you so desire. If nothing else, feel free to reach out to me and I'll be happy to discuss your situation with you and give you the best advise that I can.
NMLS # 1046286
Bank of England
NMLS # 418481
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Keller Williams Realty