There are a few lenders that will allow a 540 "mid credit score" to be used in qualifying, however it will require an Approval from the Fannie Mae automated underwriting system for the lender to want to move forward. If you receive the positive finding then you qualify based on credit, income and assets.
Next consideration to determine your approval is the type of property you want to purchase. If it's a single-family residence it would be much easier to finance than if the property is a condo or manufactured home. There are a few restrictions with condos and a few more with manufactured properties.
If you like, give me a call tomorrow after 9:30 at 916/871-2250 and we can further discuss your situation.
Thanks and Good Luck!
The Mortgage Mentors (c)
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