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I have a 640 credit score and 3 years on my current job. Should I buy now or improve my score first

Wanting to know if I should continue to improve my credit score before I buy to get a better interest rate or should I buy as soon as I can
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December 08 2012 - US
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Answers (6)

Even with a 640 someone should be able to help you...I get emails all the time from lenders saying their companies carry "Portfolio FHA" products and will finance with a Fico as low as 580 (or somewhere in the 500s) I think.

Best wishes from So-Cal and good luck
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December 11 2012
Set up meetings with a couple of mortgage lenders to see what you qualify for.  If you find a home you like and can afford, buy it before rates and values increase!
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December 10 2012
Buy now! I would look at the 2% down Conventional Program NO PMI over FHA.

I'd be happy to help you evaluate loan programs.
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Ron Jensrud
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December 10 2012
If you plan to go FHA (and pay a minimal down payment of 3.5%), your scores won't really effect your rates, as long as you meet the minimum for the lender. 

If you plan to go conventional (more money down, at least 5%, and more out of pocket closing costs, you may need to improve your scores substantially to see an improvement in scores.

There is never any ONE perfect time to buy a home. It is a multifaceted purchase with a dozen different pros and cons. It is a very personal decision .Speak to some mortgage professionals and see what the possibilities are.
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December 08 2012
Contact two mortgage brokers and ask them to provide you with a pre-approval.  Without seeing your financial profile, it is difficult to say how you can improve your score.
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December 08 2012
You should get a  real good rate, I would buy now before rates go up.
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December 08 2012
 
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