Here are the bare minimums for obtaining a loan today!!
Here are the bare-minimum lending guidelines on today's market, which would qualify the average borrower for an FHA loan -- these loans, backed by the Federal Housing Administration, offer the loosest lending guidelines around:

3.5 percent down payment, based on the purchase price of the home (e.g., $7,000 on a $200,000 home), or a gift of that same amount;
3 percent to 6 percent of the purchase price, on top of the down payment, for closing costs, or a credit from the seller of the same amount; and
640 FICO credit score -- the middle score of those generated by the three credit bureaus (some banks will lend to borrowers with middle scores lower than 640, but will require more than the minimum down payment).
Additionally, these lenders will want you to document income, asset and job history documentation, including current paycheck stubs, two months' bank statements and two years of W-2 forms or tax returns, and:

a minimum of two years have passed since the discharge of a bankruptcy;
a minimum of three years have passed since a foreclosure;
anywhere from zero to three years have passed since a short sale, depending on the circumstances surrounding the short sale.