A 564 credit score would be difficult to lend on today as Terri mentioned. It would depend on why it was a 564 that would determine how quickly you might be able to increase that score.
Feel free to reach out should you want to review your score with a mortgage banker.
All the best,
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Dr Cheryl Schantz
United Loan Finance
San Jose, CA, USA
You have a lot of good answers to work with. You really need to sit down with a very qualified mortgage lender and have them go over all of your information to see if you do qualify now for a loan or if you need to work on raising your credit score. They may have a recommended method or they may recommend you to someone they work with. I recently helped a family friend who had low scores raise her fico scores so she now can qualify for a FHA home loan. She worked thru my lender and he has a great company he works with and has had very good success with them. It took a few months to get everything done but it was worth it.
I agree with all the answers below. You can work with someone to help you raise your scores in a matter of weeks to months. It all depends on what is driving your scores down and whether you have had mortgage lates. Every lender adds their own overlay's to FHA/Conventional mortgage Guidelines. So your minimum FICO GOAL may vary between Lender. I can tell you that 620 is a min.
I can refer you to someone reliable if you wish. She has worked with several of my buyers and has positive/verifiable feedback. Results vary of course.
(415) 271-7740 direct/cell
It really is going to depend on what caused your low score and whether it is preventable in the future. It also depends on what percent of the purchase price you are going to put down. Nothing more precise can be said without an application in hand. I can take your application over the phone if you call me at 408-639-0211 tomorrow morning after 9:00 a.m.
If you can't buy today, he can work with you and your credit so that you know what you need to do to get your scores up.
Have an amazing day!