Looking for options

[Mike]

My wife and I are looking at new construction purchase in late August 2008. Current home sale profits are 50K with closing in July. Current credit scores not real good but moving up Me- TU-631, Eq-619, Ex-649, spouse - TU-683, Eq-642, Ex-647. We have another 25K for downpayment - total cash = 75K. No foreclosures / BK, etc. Combined income is 18,000 (pre-tax) monthly. 11,000 (post tax) - Both of us in current job for 4+years and 14+years. Monthly commitments = 1,200 / mo (cars) without home (no credit card debt) Home price is 540K with new conforming limit of $428K in this area. We have worked real hard to increase credit score over past 6 months, with a 40 point increase since January. Hopes are to be around 680 by end of August, yet I need to make sure that if they dont get there we have options. With the current market conditions I am concerned credit scores will drive the lendability rather than the financial side. I am looking for suggestions on what is available in the market for someone in our situation. Thanks in advance