I have a middle credit score of 677. Is that good enough to qualify for a mortgage of 118,000.00?

You need to look at the average of your scores, but it is possible that you will qualify with that score. It also will highly depend on your income and any debts that you might have (this will determine the amount that you qualify to borrow). FHA requires a minimum credit score of 620; however, lenders can choose their own minimum above that - so you may run into a lender that looks at a minimum average of 680 (however, you can look at different lenders to be approved). You will need at least 3.5% to put down and you will pay pmi for at least 5 years or until you reach 22% equity with an fha loan (whichever is longer). PMI averages 1% of the loan amount annually and is added to your monthly mortgage payment. So, for a 118,000 loan amount, you would be looking at an additional $99/month on your payment for pmi. So, if you found a 118k home and put 3.5% down, you would be looking at a monthly payment of around $1100/month (this includes principle and interest, insurance, pmi, and taxes). You will also need money for closing costs, unless you can find a seller that will pay these costs (or you qualify for any special first-time buyer programs - there are some that still exist, but it depends on the county).