I can't stress enough you need to talk with a mortgage broker, a lender not a Realtor. With the "financial crisis" things have changes a lot in the past couple of years in regards to getting a loan. A good lender will walk you through your FICO score and your overall credit picture. Help you understand where you are at now and what you can do to increase it. The good news is in time, you can make it better and then go back to get/secure the loan. If you do not know of any lenders in your area, start with your Bank as many have incentives for their existing clients.