I have a credit score of 542 and would like to purchase a home?

Hi! Welcome to forums! With a credit score of 542, it won't be possible for you to qualify for any kind of loan. In order to get even a FHA loan, you will have to maintain a credit score of 600-620. You should take steps to improve your credit score and then apply for a home mortgage. Check out the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html . Feel free to ask if you've further queries. Sussane

You can purchase a home with a hard money loan - the down payment is 50% and there'll also be loan fees.