Financing in 95130>Question Details

gabbygabber, Home Buyer in San Jose, CA

I have a credit score of 564. Can I get a mortgage loan?

Asked by gabbygabber, San Jose, CA Thu May 3, 2012

0 votes Share Flag Financing in 95130

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Hi Gabby,

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,
1 vote Thank Flag Link Thu May 3, 2012
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Dr Cheryl Schantz
Financial Manager
United Loan Finance
San Jose, CA, USA
0 votes Thank Flag Link Thu Nov 15, 2012
Flag Thu Sep 15, 2016
I can approve financing for a score of 564 right now, without having to do any work on your credit, regardless of what is on there that is causing it. Obviously, there are other factors to consider to issue approval and complete financing, such as income, debt, and the property itself, but the credit you mention is not a deal killer for me. Call me if you would like to explore this further. 858.205.3543
0 votes Thank Flag Link Mon Jun 4, 2012
First I would suggest talking with a knowledgeable loan officer to work on raising your credit score. You may be able to make small changes to bump your score up quickly. Trust me, it will be a lot less headache and better rate getting your score to at least 620.

0 votes Thank Flag Link Fri May 4, 2012

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.

Good Luck,

Jim Guido
0 votes Thank Flag Link Fri May 4, 2012

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.

Good luck!

Ivan Diaz
Mortgage Consultant
(415) 271-7740 direct/cell
0 votes Thank Flag Link Fri May 4, 2012
Hello Gabby, how did you come up with the score of 564 ? Most lenders use the "middle" score of three major credit reporting agencies. Are you positive your number is correct ? The best way to find out whether or not you can purchase a home is to have a mortgage lender prequalify you.
0 votes Thank Flag Link Fri May 4, 2012
The possibility is there, but you will most likely have to get a loan that will cost you more and have not as good of a rate.

Jim Mauldwin
Intero Real Estate
DRE # 01125280 since 1991
0 votes Thank Flag Link Thu May 3, 2012
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.

Mitchell Pearce
0 votes Thank Flag Link Thu May 3, 2012
That is probably going to be a tough one. You should talk with my recommended lender.

Dave Setti
Turnkey Mortgage

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!
Web Reference:
0 votes Thank Flag Link Thu May 3, 2012
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