Credit score currently 678. Would I be better off waiting until i reach 700 or should I purchase now? THis is my first home

Waiting to get a better score could actually work against you. Let's say it takes you three months to get your score up. In some markets, that three months could add $6,000 to $10,000 to your purchase price. Even though your better score gets you a slightly better interest rate, the higher purchase price means that you will not only be paying a higher payment, but you let the seller keep the first $10,000 of what could have been your equity. Work with a loan originator Licensed in your state to find out what the different loan programs and pricing are available to you at each of your score points Once you see the actual difference in your rate and payment, you can apply the local appreciation rate for your area and see if waiting helps or hurts. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.

That score is OK enough to buy a home. Higher scores generally equal better rates. A 680 score will get a better rate. Then 700, 720, and finally over 740. If you are putting down a small down payment, those scores also affect the cost of mortgage insurance the same way. Better scores equals lower PMI costs. So one should always strive for the best possible credit score prior to buying a home, but I would never suggest not buying just because you have a lower score today. I lend in MN WI IA SD ND - Find me at FirstTimeHomeBuyer-MN.com - NMLS274132