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Credit score of 545, can my husband and I purchase a home?

We do not have any credit cards, however, we had other circumstances that caused the credit score to be that low. We do have the income to support it, but no substantial down payment. Are there any homebuyer programs we can apply for?
  • November 13 2013 - Lanham Seabrook
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Answers (9)

It's not good. It varies depending on the lender, but make it a goal to get above 600. Look online to get educated about what makes up a credit score and check your credit report for free once a year, there are several good source out there. Keep making on time payments to all current accounts and try to build positive credit while you wait for the negatives to fall off the credit report.

To build up your credit score you may want to look into a secured credit card. A secured card means you put the money down up front especially since you have the income coming in. The credit limit will be equal to the amount you put down. Creditors do this to ensure they can take the money if you miss payments. Shop around before applying to a secured credit card; evaluate the fees and interest and make sure the card reports to the credit agencies, otherwise it's not building your credit score.  

As soon as you get the score UP over 600 and have at least 3.5% to put down see if your lender can squeeze you into and FHA.  GOOD LUCK, save up and improve that score.  
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  • November 13 2013
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Unfortunately, that credit score can be hard for most lender to deal with. The lowest lenders like myself can go is to a credit score of 580. Since those credit scores are below that I recommend that she work on her credit score for a bit. The simplest way to fix your credit is to pay off your debt and revolving credit balance on time. I hope this helps and good luck
  • November 13 2013
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Profile picture for TheCasperTeam
That is lower than what you can get by with.  if you file a bankruptcy it takes time to get that off too.
Best thing is to contact a loan company or bank to help you get on track for how you can bring your
 score up. Quicken Loans and several others are good. Your bank I am sure would be willing to help
you improve your score.  Some people try on their own and it takes longer the banks etc are glad to
direct you.  They can give you some helpful ideas.  They do not want to control your money just give
helpful info.
  • November 13 2013
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There are definitely various grants you can get for down payment assistance, however, your credit score is an issue.  Sometimes this can be a relatively easy fix with the right guidance.

I would be happy to give you some guidance on how to improve your credit - contact me through my profile and I will be happy to help.  I am local here in Columbia, MD
  • November 13 2013
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Yes, we are interested in the Greenbelt, Bowie and surrounding areas.
  • November 13 2013
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I doubt it!? Improve your score first, ask a loan agent how to bring your score up! In the meantime save up and learn the process of home buying. You do not want to do what millions did during the "Boom", getting into a bad loan!!  Be Patient.....Good Luck!
  • November 13 2013
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Look into Homefreeusa.org. They are really good with preparing you to buy a home and strategic plan in preparing to qualify for home loan. They are located in Hyattsville, MD
  • November 13 2013
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There are still lenders and programs you could qualify for. [deleted by Zillow moderator. Please see our Good Neighbor policy for posting guidelines]

I work in your area.  Is that where you are looking?
  • November 13 2013
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Profile picture for wetdawgs
With a credit score of 545 and no down payment, it is premature to be considering home purchase.   There may be lenders who go down to 530 if you have a substantial down payment, but you'll pay dearly for the privilege.  Instead, put together action plans to:

1.  Improve your credit.   Aim for > 640.

2.  Save up a down payment, closing costs and an emergency fund.   

If you have income to support purchase, you have income to develop and follow through on the two action plans.
  • November 13 2013
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