Zillow real estate blog reports that 3 out of 10 Americans are turned down for a mortgage due to their bad credit - below 620. Your credit score can make a big difference in your interest rate and thus the amount of your monthly payment. So before you start looking for a house, meet with a lender and check your credit. Pay down high balance lines of credit and always pay your bills on time. You should also check for any inaccuracies since they can take awhile to fix.
On the flip side it turns out that 4 out of 10 borrowers have credit over 740 and qualify for the best interest rates. Hopefully you fall into that category if you are in the market to buy a home.