My score is 547

[dragontears]

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@Anonymous wrote:

Can that be OK to help me buy a home

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Not really 

[Anonymous]

Can that be OK to help me buy a home

[FireMedic1]

The minimum credit score to qualify for an FHA loan is 580 with a down payment of 3.5 percent. If you can bump up your down payment to at least 10 percent, you can have a credit score as low as 500 and still qualify. If you can list out what baddies you have. We can help you grow your scores. Higher the scores. Lower the interest which would be in the thousands over the life of the loan.

https://www.fha.com/fha_credit_requirements 

[donkort]

Your score is 547 in what?  FICO, or VantageScore?

You should seek to determine your middle score on Experian FICO 2, TransUnion FICO 4, and Equifax FICO 5.  Those are the most important scores for mortgages. 

I'm not necessarily advocating for MYFICO---but you can only get these scores on MYFICO.

Honestly, if your middle score is a 547, it would limit your mortgage options-----but it wouldn't be an impossibility. 

I would seek to let the folks here help you raise your score to at least a 620 middle score.  This would qualify you for a conventional mortgage.

[dragontears]

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@FireMedic1 wrote:

The minimum credit score to qualify for an FHA loan is 580 with a down payment of 3.5 percent. If you can bump up your down payment to at least 10 percent, you can have a credit score as low as 500 and still qualify. If you can list out what baddies you have. We can help you grow your scores. Higher the scores. Lower the interest which would be in the thousands over the life of the loan.

https://www.fha.com/fha_credit_requirements 

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While completely correct that FHA will allow scores that low, finding a lender that has no overlays and will actually lend below 580 is very, very, very difficult. Heck most lenders have 620 mid score overlays from what I have seen. 

[donkort]

I really feel like 620 as a middle score can be the "magic number" for many.

My first ambition in credit building would be to attain 620 or above across the board.

[BachChaconne]

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@donkort wrote:

I really feel like 620 as a middle score can be the "magic number" for many.

My first ambition in credit building would be to attain 620 or above across the board.

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In addition to the 620 "magic number", you need to pave the way by getting your utilization down (otherwise, it will impact your DTI and how much house you can afford).  And most lenders are going to want to see 6 - 12 months of no new accounts or hard inquiries. 

There is sooooo much more to getting a mortgage than just walking into a bank with a 620 credit score and walking out with the keys to a house.

[donkort]

Absolutely true.  They look at many parameters.....especially debt-to-income ratio, and recent ability to pay debt on time. Salary, length of time on job.

I was just pointing out that the 620 credit scores open lots of doors.