The ability to qualify for a home loan mostly depends on your credit score. There are different mortgage interest rates, which are defined by the score you have. According to the latest survey, you need to have 760 and higher score to apply for the best offered rate.
If your score lies within the 660 to 759 range, you can also earn quite attractive interest rate. In most cases your rate will be only one percent higher.
Borrowers with credit scores lower than 660 will be proposed higher interest rates. In case your score is below 580, your rate will be increased by four points.
Remember that obtaining a mortgage is a responsible obligation and you need to revise your financial possibilities. If you have the low score, you are required to improve it before obtaining a mortgage. This will help you to get more attractive interest rate for this long-term obligation.