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my credit score is 568 should i wait till next year to buy a house

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April 13 2011 - Temple Hills
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You only have to wait as long as it takes to get your credit score up to where it needs to be. I would talk to a local lender, have them go over what you can do to improve your score and start there. If you can get up to where you need to be in 2 months, then why wait until next year.
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April 13 2011
Find out why your score is low, it may be something you can repair quickly.
ie... paying down a credit card. Depending on the lender I have seen FHA
loans approved with scores as low as 620.I have also seem credit scores go up 40 points from paying off a credit card balance. It's a debt ratio game. Find a great loan officer and have them tell you what you need to improve your score.
Good Luck.
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April 26 2011
Profile picture for the_country_hick
You should wait. Doing things right you can improve your credit score. You should also see house prices fall more during that year.
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April 26 2011

If you don't address the reason your score is 568, you may not be able to buy next year either.  You need a plan to improve your score! 

It also depends on why your score is 568.  There may be things on your credit that can easily be remedied like paying down balances.  I have seen folks increase their scores by 100 points or more by paying off small bills and paying down balances. Be careful with paying off/down certain accounts, the wrong accounts can actually HURT your score!

I have a client who is waiting on a purchase because her score is 716, at 720 she will save over $1600 in fees! 

With credit scores being so important now, working with a mortgage professional who truly understands credit is key and can save you thousands of dollars!

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April 26 2011
I'm with Jayne, you shoud talk with a good lender that knows how to repair your credit, many times they can tell you to do just a few things that will bring your score up high enough to get qualified. If you just wait valuable time is passing when you may be able to get financed sooner than later.

Good luck
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April 26 2011
Profile picture for Dunes....
Improve your Credit Score..Then ask if you should buy

That's the Smartest decision you could make

For some reason most Lenders & RE Agents who make their living Selling Services to people who buy seem to share the "Why wait" view..Go Figure


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April 14 2011
Miss Pat,

Can you qualify with any of the lenders you have talked to now?

Thanks,
Greg
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April 14 2011
I'd suggest that you contact lending specialists and they can advice you on that. 
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April 14 2011
I agree with Brien at "supreme lending ! But also get a look

at  FHA  .   and  any local program less Credit Score "Driven" !  The

reasons behind  the score  can be considered  in underwriting in

some instances.  Good Luck!  Concentrate on the remedy for the low

score- waiting isn't the answer!
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April 14 2011
What you need to do is start working on your credit and rebuilding new credit.  Why is your score so low?  While your score may be in the range a lender will still look at the credit to see how long ago it was you had late payments.  You really do need to sit down with someone (a lender who is knowledgable with credit rebuilding) and take the steps necessary to get your score up high enough and possibly get the correct amount of positive accounts to position yourself to buy. 
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April 13 2011
 
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