Wait or Not For Higher FICO scores

[Steeler]

My Fiancee and myself are considering purchasing a home around $300k-$340k soon.  We are trying to determine if we should wait for our FICO scores to increase or go for it while the interest rates are pretty good. Also, thinking about a higher down payment.  We can afford the payment, but just want to make sure a lender will offer a loan large enough for us around the $300k-$340k range.

My FICO scores:  Equifax 662    Transunion 672    Experian  656          Discharged bankruptcy 10/2008        Credit Utilization  20%     2 yrs 7 mo's current job

Fiancee scores:    Equifax 676    Transunion 680    Experian  666                                                           Credit Utilization  21%     5 yrs 2 mo's current job (Bank Of America.

Total Gross Income for both of us:  $114,000 base    

Downpayment Available:  $15k

House Details:  Looking at new homes in Denton, TX.  Already see a few interesting homes there.

Any comments or suggestions appreciated.  Thanks.

[DallasLoanGuy]

Rates are expected to go up. That 'could' erase any pricing gains you get from waiting for higher scores. Better pricing would be the only advantage of waiting.....

Of course, I have been saying that 'rates are going up' for a while now.... lol

[Steeler]

Haha, yeah we never know about the rates, that's for sure.

I'm thinking we may try a few lenders soon and see where we stand.

[DallasLoanGuy]

if you get pre-approved now, we can show you 'rates and fees'(price) for your scores.... AND show you the price for different score levels.

[itzateach]

With two people they  take the LOWEST MIDDLE score of the two of you, which would be your Equifax at 662. You are 2 points over the 660 mark which in my state gives the highest rates. (if you don't go conventional)...