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If your credit score is 588 make 70K and your a first time buyer should you wait to increase your score before purchasing a home?
Cmerchan
Generally, you should work to improve your credit score whether buying a home or not. Other factors can/should weigh in here, such as the market (good time to buy now), programs such as the First-Time Homebuyers credit (currently in effect, it is $8,000 if you are below $75K individual income) which you might be able to use as a downpayment, any other downpayment money you could use, good reputation or history at your institution such as Credit Union, and Credit Unions typically allow lower down payments, along with FHA loans which are worth checking into. Your recent debt/credit is also a factor, if no larger loans recently this will look better for you. The main thing is if you can get approval/financing, and can afford it, have the down payment, and can find a good property with a motivated seller... meaning if all the elements are there and you get a loan, you should do it. Find out. If you don't get approval, then you will know what you have to do. Either way, you can work toward improving the score.
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∙ 14y ago
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