Good credit is important in qualifying for any home loan, although some past credit issues are allowed. If there are some past credit issues, you may still qualify for a home loan with sufficient explanations and supporting documents of why the issues occurred. Never rule yourself out of qualifying for a mortgage loan because of credit, apply and allow a mortgage professional review your credit.
Lenders will look at most recent
two years of your credit history.
You should have no more than one
or two thirty day lates in last two years.
Outstanding Collection accounts, Judgments and Liens must be paid in full at application or closing.
Bankruptices must be three years since the discharged date
Foreclosures must be older than 4 years
FICO scores should be 620 or higher
(aprox)