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If you have had a recent bankruptcy or foreclosure, you can even be prequalified for 100% (80% 1st mtg with a 20% 2nd) as long as you have reestablished your credit since the bankruptcy. It is required that your bankruptcy be discharged, and we work with a lender who will lend the day after a Chapter 7 or a Chapter 13 bankruptcy has been discharged. It usually takes from 6 months to a year to reestablish your credit scores with 3 to 4 accounts including credit cards, auto loans, and other consumer credit items. It's always best to pay off all your collection accounts as well as any current accounts including credit card balances that are at their credit limit before requesting to have your credit pulled. The proportion of your outstanding balance to your available credit line has a definate impact on your scores.
If you are serious about buying a home, this can only work in your favor. Most lenders require you pay them off anyway (collection accounts), so it's better to do this before asking us to prequalify you if you are able to. If you have a payment agreement with a creditor, the lender is usually ok with this, and will not require you to pay off the account. (Written documentation is required of any payment arrangements)
On the other hand, if you have good credit all around, we have a number of lenders offering some very competitive pricing with FNMA rates (A-paper) on 100% programs. Some of those features including the following:
