You may be at a good starting position, but there is more to be considered. Please don't attempt to answer any of these questions here, but think about them carefully.
1. Did a mortgage lender provide this credit score? Is 642 the median of all three or just one?
2. What is your income? Is it reliable?
3. If self-employed, have you been so for at least three years and kept good records?
4. Are you current on those student loans?
5. Have you been current on any other debt that you may have had over the past 12 -24 months?
6. Are those student loans in deferment for over 12 months?
7. If not, what is your debt-to-income ratio including those student loans?
8. Do you have the funds for a down payment?
9. Have you filed your 2010, 2011 and 2012 tax returns?
In addition, you'll find a list of items that are typically requested by the lender at http://goo.gl/ZtaZS
I'd welcome the opportunity to speak with you about buying a property and provide a list of lenders to help you arrive at a decision about whether this is the best time for you to consider a home purchase.
All my best for a successful home search.
Georgia Real Estate Brokers Associate, REALTORÂ®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners