I closed on my mortgage with FGMC on 05/18/2012 and my middle score was just at 580. I put the standard 3.5% down as per FHA's requirements and have a relatively low interest rate. So it could be done as I am a prime example. There are several of us who were funded through FGMC here on this site and we all were given interest rates at the current market value.
Starting Score: 06/2011 505 EX 523 Lender Pulled