Your credit score is a number between 400 and 900. The magic number is anything over 620. If you score above 680, lenders stumble over themselves to get you as a customer. Because you are such a good borrower, they'll cut you deals on lower rates and better terms. If your number is below 620, you'll probably have to borrow at worse terms from a lender that deals with riskier clients. 

In addition to credit scoring, lenders rate borrowers from A to E (A-rated borrowers are the best credit risks). If you filed bankruptcy more than a year ago (but less than 10), a lender will probably give you a C rating. As a C-rated borrower, you can expect to pay a higher down payment (20 to 35 percent of the price of the home) and between 1 to 3 percentage points more in interest than an A-rated borrower. If your credit rating is lower than an A, you may also have to bypass commercial banks altogether and go to a mortgage broker that specializes in difficult loans. 

Lenders also look at debt ratio, the percentage of your monthly income that goes towards credit payments. (Debt ratio typically should not exceed 20-25 percent of your income if you pay a mortgage or 8-15 percent if you don't.) 

Even if your credit score is low, your debt ratio is high and your risk grade is a solid D, believe it or not, there are still people who will lend you money.