Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
chrcjcjn

0 Contributions
0 People Helped
Can I purchase a home with a FICO score of 540

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1096 Contributions
351 People Helped

Most lenders require a minimum score of 620, in performing some research on the subject.  Any loan you would get, would be at a high interest rate and you would have to put a lot of money down and probably pay points too.  Lenders are going to look at debt to income ratio too.  

I know this isn't what you want to hear, but I think you should concentrate on improving your credit score before going further in debt. Your ultimate goal should be striving for a higher credit score of 760 or higher.  It's attainable and I've done it. I started with a 485 credit score and now have a 796 score.  You need to read the articles here and on money management sites to understand and master credit and debt.

Top Contributor
110 Contributions
102 People Helped

Tough

Helpful to 0 out of 1 people

Its possible but be prepared to pay a ridiculous interest rate and have a heafty down payment. 

Top Contributor
2052 Contributions
3177 People Helped

Helpful to 0 out of 1 people

with a FICO Score that low the only way you would be able to buy a house would be pay 100% cash for it. 

Nobody ,   I mean NOBODY will give you a loan with a FICO that low. 

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.