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Question By
loversfun2010

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I am wanting to buy a house, but I only have a credit score of 562, is this possible?

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It's possible

Helpful to 81 out of 106 people

I work with people who have credit issues all the time that have gotten approved. Remember the scores you get on credit karma or any site online are different than a mortgage report. I refer my clients to The Lenders Network, they are kind of like the Lending Tree for people with credit issues, self employed or other issues most banks cannot approve they have a few lenders that go down to a 580 for FHA loans.

Reply by
mlh0202

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Helpful to 3 out of 6 people

Where can I inquire about The Lending Network?

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Most Helpful Response

Helpful to 163 out of 185 people

 my husband and I lost our house about 3 years ago, our credit was so bad we had a ton of medical bills in collection, it was hard to even rent a decent place to live, because even land lords run credit checks. We knew we had to do something to get back on track. So I took out a loan in july paid off all bills in collection, then I hired a credit coach, and she wrote a letter for each thing on our credit report basically what she wrote was" bill paid not mine delete it" and within 2 months our credit went from under 500 now today it's 737. WOW I can't believe it. we are now buying a home. Signing the papers in a week. So don't ever think you'll never be able to rebuild your life just apply yourself to getting it done you just might be amazed at what you can do. Good luck to everyone if we can do it so can you.

Reply by
Dianaportillo91

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Helpful to 25 out of 37 people

Hello! Is there any way I can contact this credit coach?!

Reply by
1RICHMAN

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Helpful to 7 out of 15 people

who did you guys use to repair your credit ?

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Reply by
oobrayton

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Helpful to 4 out of 6 people

Who was your coach? I want her!

Reply by
keshaun09

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Can you tell me who she is or how can I contact her I need the help I really want to buy my first home 

Reply by
mmorales79

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Hi who fix your credit?

Reply by
pbailey0812

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How were you able to get a loan with a credit score under 500 and all of those problems?

Reply by
Natthy

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0 People Helped

hi can I get the name of the company your coach work for ? I would love to repair mine

Reply by
Natthy

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hi, there's any way I can get the coach company name?

Reply by
snotcrotch

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How did you get approved for the loan that you paid off your collections with?

Reply by
outkast312

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 i did this using credit karma. the website lets you file this disputs. Often the creditor does not have a department to deal with disputes or they keep bad record. Or they just are lazy. Whatever it is 9 times out of 10 when you dispute the report the credit burea will remove it. when disputed the creditor has a certian amount of time to reply and they almost never do. so the reporting agency just takes it off. when you see signs on the road that say "fix your credit" those people will do the same thing on your behalf and charge you $$$$, you can do it for free on creditkarma. matter of fact i am going there now and check to see if I can dispute anything..........

(i have already used this process to remove almost 10 (!!!) collection records from my report

1 Contribution
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Where did you get the loan from and who was the coach?

thats amazing! WE are in that same boat right now

Reply by
lburruel

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How were you able to take a loan out with such bad credit? I would do this but cant seem to get a loan and i only have like four negative accounts on my report

Top Contributor
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305 People Helped

580 credit score needed for home loan

Helpful to 35 out of 54 people

Actually it's possible, if your at a 562 your about 18 points from the minimum required score for FHA of 580. Possibly your score could go up by 18 points or more by paying down the balances on your open credit cards to reduce your credit utilization ratios. To find out where you stand visit

<a href=“http://thelendersnetwork.com”>The Lenders Network</a>

 to speak to a lender that offers home loans with bad credit scores. Good luck!

Reply by
ckeck6955

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Helpful to 17 out of 34 people

Has anyone had any luck with thelendersnetwork? My score is a 609 according to credit karma. I'm going to be paying off some credit cards this month and the score simulator said that will put it up to a 633. A local bank said that credit karmas score is usually under what the banks middle score is. Does anyone have any other recomendations?

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The remarks on Lexington Law

Helpful to 14 out of 25 people

I agree with the other remarks about Lexington Law being a very helpful credit counseling and repair company to help repair your credit.  I have been with them for six weeks and have seen a increase in my score of 67 points.  They do seem a bit pricey, however if you are looking for increasing your credit score without having to do so much leg work or creating additional debt, this is the way to go!

Reply by
dreb64

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Helpful to 6 out of 9 people

Lexington Law only improves your credit on Trans Union.

6 Contributions
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Helpful to 51 out of 63 people

Credit repair companies are notorious RIPOFFS.  I wouldn't use one for anything.  You're just wasting money you can be using to save for a down payment or to pay off bills.  You can find credit counseling companies who do not ask for money, who can help you.  Your local housing authority (HUD), or your local CAP (Community Action) agency can help you locate one.

I had a credit score of 590 and I had five credit cards with a combined balance owed of about $5K.  They were all pretty much maxed out.  I paid them all off because I am trying to get an equity loan and this is what my loan officer recommended.  My MIDDLE credit score, one month later, is 652!!  SIXTY points just by paying off my credit cards.

I have a bankruptcy that is three years old.

By the way, Credit Karma is NOT NOT NOT an accurate representation of your credit score.  I have my scores from the loan officer who sent me a copy of my credit report.  CK has my score at 612 and my middle score now is 652.  A much more accurate measure of your credit, within 10 points of less, is Identity Vault.  I looked them up and they are one of the top rated credit monitoring services.  I paid the $1 trial fee, got my scores because I was too anxious to wait to hear from the loan officer, then canceled the service within a week after I opened it and was not charged another penny because it was during the trial period.

Good luck to you!

Reply by
Londogg05

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Helpful to 39 out of 47 people

Forgot to add, Wells Fargo has a program going down to a 500 credit score if you cannot get anyone else to help you.

Top Contributor
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Helpful to 14 out of 18 people

I believe a FHA loan will require a 580 score but that's with 10 to 20% down payment.  Normally a 620 middle score is required to be considered for a FHA loan ( 3.5% down plus closing cost's ).  Read all you can under credit scores on this site.  Do not apply for anymore credit now, get your credit card balances below 30% of the limits,  make payments on time.  These interest rates will be with us for at least another year so build your score.  Good Luck.

Reply by
poppinfun

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Helpful to 43 out of 48 people

I just recently bought a house and learned a lot. The companies look at your middle credit score from the three credit agencies. I had a 580 score and qualified for an FHA loan with Quicken Loans, an online company with high ratings. My downpayment was only 3.5% and they were able to assist me with most of it. I have a 30 year fixed at 4.5%, which I don't think is too shaby with my credit score. Also make sure that you clean up all accounts in collections; I think excluding medical bills. I hope this helps and good luck. Always remember to get PRE-APPROVED before looking at any houses and everyone's situation is different.

Reply by
godisgood365

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Helpful to 2 out of 7 people

what chance do you think i have if i file bankruptcy?

Reply by
chfrench2

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Helpful to 3 out of 7 people

Having filed for backruptcy myself, I know that you must wait a minimum of 2 years after your discharge date to qualify for an FHA loan.  You can get other loans but it's not worth it with the high  interest rates.  Time is the best cure for your bad credit score.  Also, if you haven't filed bankruptcy yet, make sure you do a lot of research.  In some cases it's worth it in other cases it's not.

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Reply by
greenbay1958

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Helpful to 5 out of 7 people

Wow, My credit score was 685 and Quicken loans shot me down fast on a refinance. I wouldn't deal with them again i think they gave me the run around. And the Harp 2 program is a waste of time its crap.

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Helpful to 17 out of 25 people

In responce to buying a house: I used a company called lexingtonlaw (not spam) it's a credit consel company.  they send out challenge letters on your behalf.  you can monitor progress and put in priority through their website or via phone.  I signed on with them 6 months ago lowest score was 520, highest 580, and last month my mid score was 640 and I have a preapproval letter to purchase a house!!! I did pay off my lowest debts, those under $100 becuase over time 0 balance does count, but not in the short term.  I had three items removed that were not mine and got letters stating the companies had made errors, one being a celular phone charge off - I never had the service w thecompany during that time frame.  many other items were removed due to the companies not being able to/not wanting to prove the debt.  lots of helpful info on their website just like on this website. The service is $89.00 a month and I recommend it or another service of that type if you want to buy a house soon. They really do a lot for that money, in the beginning they sent out about 25 challenge letters the first month, and then addressed them as the results came back.  I'm pretty sure I wouldn't have been able to get such quick results on my own.  this is a given but make sure you take care of any current late debts, pay or set up payment plans and be consistant, becuase the last thing you want is a collection showing up on your report now.  i was pretty lucky in that  respect, most my collections were from 2007 or earlier but I did nhave on from Jan 2011 and was able to get it removed by begging and paying it off.  it was for $30 pur carelessness on my part.  lastly some companies will not budge in my experience if you ask them to remove the listing in agreement for payment.  I'd love to know the success rate of those who try vs. those who are successful.

Reply by
jnarcelles

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Helpful to 5 out of 9 people

Which lender did you use for your mortgage?

Reply by
Turtlesquirts

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Helpful to 6 out of 12 people

We started using the Lexington law thing a Few months ago. I honestly thought it was a scam that my husband fell for until we started getting their notices in the mail. My score was below 500 and is now low 600s. They've even gone after ALL my student loans. Amazing! 

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Help

My husband and I are looking to buy our first home but our credit is not the best. Who was the coach you used or how can we get in contact with someone who could help us that much?!?!? 

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Bad credit home loans

A 562 credit score may be able to get approved. It all depends on why it's a 562. But you certainly aren't far from a 580 which is where a lot of lenders will approve you. To find out where you stand you can visit homeloansforall.com/bad-credit-home-loans/. You can talk to one of their lenders that deal in bad credit home loans. This would be a great starting point. 

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