As always, we HIGHLY encourage anyone thinking about purchasing a home to get pre-qualified for a mortgage. This would include all parties that will be involved. The lenders typically take into account all scores, but might knock you out due to one lower score.
Again, every lender is different on how they approach credit scores and may offer you and your party some alternatives or suggestions on how to increase your scores. You could purchase upto $95,000 home and your payment, including taxes and insurance, would be around $875 with todays low rates.
I have several great lenders on my web site and they are experts with first time buyers and those with low credit scores. http://www.markknowshouston.com/res_list.php?cat=12282&c
Give them a visit and when you confirm that a mortgage is possible, get with a Realtor to assist you with finding that perfect home. If we could help, let us know!
Bernstein Realty, Inc.