dilema??

[Ms-Thang38]

our current situation...we are renting paying $850 a month...lease is up in Feb 2014...we do not want to renew lease & really would like to buy...problem is...i have been approved for a home loan but not quite enuff for wha we would like and looking for...we have been working on DH credit and still need about 40 points b/c he's sitting around the 600 mark and we're need 640...i think we can reach that goal by February but do i take the chance by waiting to get his score where needed so that we have a better chance at getting something we really like or do we make our moves now??

[Revelate]

I think only you can answer that; your financial situation and tolerances are your own; however, given the cost of turning over real estate, if you have a shot for what you really want by improving  your husband's credit score, I'd go that route personally.

There's nearly no way even I can two-step a mortgage by hopping from condo to home with yard in the current market: your market is likely cheaper and your income may dwarf mine for all I know, but given the origination fees on most mortgages, you're better off waiting till you can get what you really want in my opinion.

Worst case you can always go month to month somewhere typically including the place you're in now.

[Ms-Thang38]

thanks for the advice...you're absolutely correct...

[primeonetx]

Two parts to my reply:  1.  You don't have to have a 640 credit score with all lenders.  620 is pretty easy and 600-619 isn't too hard, either.  We do both and the restrictions are a just a little tougher on 600-619.  2.  Another lender may be able to get you approved for a higher amount than the one that pre-approved you.

Scott Drescher

[DallasLoanGuy]

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@Ms-Thang38 wrote:

do i take the chance by waiting to get his score where needed so that we have a better chance at getting something we really like or do we make our moves now??

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find a lender who can run a score simulator.  more information = better decisions.