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Raine222

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What are my chances of obtaining a mortgage loan on a fair credit report?

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Depends... an FHA or VA-backed loan requires a minimum score of 620 for most reputable lenders (and 640 if you're buying a premanufactured home). Conventional loans will require at least 750 or so, plus a down payment of around 20% (maybe more).
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There are lenders who will set you up with a mortgage if your score is as low as 580 or so, but you'll get socked with a massive interest rate (which means massively high mortgage payments), and/or a demand for a huge down payment.

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Your best bet is to get your credit house in order (now if you're above 620, you should be okay.)

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