Profile picture for tjp8848

what is the lowest credit score to buy a home?

my husband and I are now paying $745 per month rent. Our credit is 540 which is not god. Is there anyway we could qualify for a house with less payment amount or about the same?

  • April 17 - Weeki Wachee
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Answers (4)

Profile picture for sarahleonard
Getting a loan with a low credit score can be tricky.  If you have not talked to a lender about your options, you may want to do that.  They might suggest credit counseling to bring your score up.

Good luck!
  • April 17
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When it comes to credit, the lowest scores that lenders are able to do would be a score of 580. If you have a score above 580, you would have a better chance at obtaining a mortgage. Unfortunately, since your scores are below 580, it will be difficult for most lenders to deal with. I recommend that you spend some time fixing your scores. The simplest way to fix your scores would be to pay off your debt and revolving credit balance on time. If you need additional assistance, feel free to reach out. Good luck!
  • April 17
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Hello, I would highly recommend visiting with the Hernando County Housing Authority. You could get some free counseling toward home ownership and credit. They also offer a first time homebuyer program. This is where I would start.... Good Luck!
  • April 17
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550 credit will require 10% down, or 580 will require 3.5% down. How about your income/job situation? $745/month will get you a house around $100,000 (the $745 includes taxes, insurance and mortgage insurance)
  • April 17
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