Secrets to getting a mortgage with so-so credit

http://money.cnn.com/2011/07/05/real_estate/mortgage_underwriting/index.htm

Key Points:

• A good credit score. Borrowers usually need a minimum credit score of 620.
• Enough income to afford payments. The general rule of thumb: no more than 28% of your gross income should go toward housing costs.
• A loan-to-value ratio of 80%. Lenders want the home value to far exceed the mortgage balance because if a borrower defaults, the bank sells the home to recoup the loss.
• The ability to make a 20% down payment, plus closing costs.
• FHA loans require 580 score for 3.5% down and 500 for 10% down