Can I purchase a home with a 550-570 credit score?

Asked by Sunshines34, Rochester, NY Mon May 12, 2014

I cleaned up my credit and my score is rising, but slowly. I am in a bad position in my current home. I am a renter and the house is going into foreclosure. I will be a first time home buyer and looking to purchase ASAP. My score is currently between 550-570. Can I get a mortgage with that score? Help...afraid to be homeless with my kids.

Help the community by answering this question:

+ web reference
Web reference:


, ,
Wed May 28, 2014
I lend down to a 530 middle credit and offer this program nationwide.

Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been offering loans since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you.

Bart Gabe - Lending Nationwide Since 1987

800 315 8803
0 votes
Laura LaManna, Agent, Rochester, NY
Wed May 28, 2014
Sunshine, I recommend talking to a local lender that knows the area and what it takes to get qualified. If you are close in qualifying they will guide you with what you need to do to get things in order and give you a time line. You really want someone who can help you that can be hands on if need be. Having a lender only available by phone or email can be tricky. If you need some suggestions on local lenders please let me know.
0 votes
, ,
Wed May 14, 2014
With that score it may be possible to do loan with 10% down payment provided you qualify otherwise. You will need to discuss this in detail with a mortgagee professional. My contract information is given below if you like to discuss.

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue May 13, 2014
There are other factors besides credit that determine mortgage qualification, so for a personalized answer you really should visit with any licensed loan officer, all else is really just speculation. If you don't qualify, he/she can offer great suggestions as to what needs to be done. Most lenders prefer a 640 score, however there may be some willing to work with less, but the better the score the better the rate. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes
I've been on my job for 16 years and have a decent income. I am currently paying on my student loans and car payment. All of the collection items were removed from my credit report, but my score is moving so slow. I don't know what else I can do.
Flag Wed May 14, 2014
Dan Tabit, Agent, Issaquah, WA
Mon May 12, 2014
Your score is only one issue. Scores in that range don't have many, if any options and usually those scores indicate there is more work to do. Find a local mortgage lender who does credit repair and see if there are some ways to move things up quickly. Ask them about RapidRescore.
Chances are if you need to move things quickly, you may not have enough time. So keep you eyes open for another rental while pursuing this option.
0 votes
Thanks, I will look into that. After I paid everything off it moved up like 60 points and now its going up maybe 11 points a month. Even with me paying my car and student loan.
Thanks again!
Flag Tue May 13, 2014
Search Advice
Ask our community a question

Email me when…

Learn more