The mortgage industry is changing daily. New rules are always being added. If you are looking to purchase a home, it is imperative that you speak to a mortgage professional and get pre-qualified if not pre-approved. A 600 credit score doesn't even cut it for FHA any more. You need a 620 middle credit score to purchase a home. That doesn't mean all hope is lost, it just means that you need someone that knows what they are doing to look at your credit and help you improve your position before you go out looking at properties. If your credit is good, then you can start shopping right away, but if you need to work on it, isn't it better to know now rather than later. For those of you wanting to use conventional financing 680 is your new number.
On the Obama Mortgage Plan front: last week saw the government roll out their new plan. Along with it all of the skepticism, there was everyone weighing in. There is a great website http://www.financialstability.gov/. This website has a lot of information on who to contact and what you will need in order to do so.
Please feel free to call or email me if you have any questions as I would like to help everyone either purchase a home or stay in their home.