Good day, most lenders are working on a 620-640 minimum score these days. That being said, there are an ever growing number of lenders who are advertising lower scores with higher costs. FHA will, in fact, go down to 500; however, individual lender and investor overlays restrict the vast majority of lenders from working with scores this low.
So, the point is...you might be able to get it done; but the question remains why would you? Or, should you? Any variance to the "model" loan will result in higher rates and fees. Essentially, lower score loans are the new "sub prime" market and the charges are hefty. If the market was hot, or even heating up, it might make sense to bite the bullet and pay higher rates and fees. However, that is not the case. Prices are lanquishing and rates are certainly not voliatile at this point.
Why not work on your credit to get your scores up before buying. And I am not talking about paying a credit repair company. An indepth conversation with a mortgage professional will probably give you all the direction you need to get your scores in great position to buy in as little as a few months. I have helped many consumers through the years and the results are happy home owners with reasonable payments. Would love to answer any questions specific to your situation. All my best,