Should I Improve my credit score before I Buy?

I will be glad to get on a call tomorrow and talk through your goals and run some scenarios. My number is+1 513-226-9052 Terry May

Hello, there is a lot to consider. If you buy now and your currently renting then you won't pay rent anymore, renting is like throwing your money away each month. If your debt ratio is 40% and you credit is 592 you should be fine for an FHA mortgage. Rates will be higher than if you had a higher credit score but we are talking about still being the the high 4s-low 5s for a rate. The nice thing with an FHA loan is you can work on improving credit then refinance down the road using the FHA streamline program. There are also ways to rapidly improve your credit even after your pre approved, there is a credit score simulator and a rapid rescore program available to help aide with increasing credit scores. If you have any questions or would like help with this you are welcome to reach out to me at 1-800-577-0113.Thanks Gregg "the home loan specialist"

If you had not had any recent late payments in the last 24 months 592 credit score would still be acceptable for a FHA depending on your qualifications. Please email me at sscott@agmloans.com if you would like to discuss further. Thank you Steve

More info needed, but in general.. a 592 credit score is an indicator that you have some serious credit deficiencies.. Certain derogatory events have mandatory waiting periods.. other derog event's must be corrected/paid before you can get a loan.. Without looking at your complete loan profile it's impossible to say for sure.. The best advice I can give you is to contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893