Now, or later?

[PrinceCorwin]

First time home buyer, so I'm a little frazzled on what to do and when.

My current middle mortgage score: 650 (not sure of wife's mortgage scores. Her FICO8 are @680 with a $2300 collection account)

currently have 32k cash for down payment (plan on using NFCU for conventional loan with 20% down)

seeking to buy @175k home

income: @70k (wife also makes @17k SSID annually)

Question: Should we app now or sign another 6 month lease at apartment, pay off collection account and enough CC debt to get my util under %15 with @$4000 of the down payment cash available and spend the next 6 months saving it back up? It may seem like a no brainer but it also seems like a catch 22 because six more months of rental money down the drain is more than what I would spend now to increase our scores a little. Plus, since I am in industrial construction (refineries, etc), I never know when the contract will end and I will be temporarily unemployed. Right now I am working. If I sign a new lease, I may be unemployed when the lease expires. 

Uhgg, maybe I need to consult a professional financial advisor. lol

Any suggestions? Feel free to ask questions I may not have answered. tTired of wasting rental money. I WANT A DARN HOUSE!!!

[pipeguy]

I just completed a refi through NFCU and can say they are very easy to deal with - best real estate transaction I've ever had and I've had a bunch. I'd suggest you call and talk to them - I wouldn't say you "could be unemployed" and I suspect they'll want the collection taken care of, but otherwise, with your 20% down payment and moderate cost of purchase, I'd say it would probably go through. 

Can't hurt to ask their option before you app. 

[me12345]

Do it now...

While you may improve your score a little, the consensus is that rates and property values are moving up...If your score improves and rates go down later, you can always refinance.

Thanks,