Get in now or wait for better credit

[Dillon Penner]

I am committed to buying my first property in 2023, but I am torn on jumping in with 2 feet right now. I am currently around 650 670 credit score and I plan on house hacking with a FHA loan. With current interest rates I am wondering is it better to wait until I am at least a 700 score or better? Or should I not worry too much and just get started on getting pre approved with my credit now? Any pros & cons and help with this scenario is greatly appreciated!

[Andrew Syrios]

Who knows where rates could go. It's highly likely they'll stay high throughout all of 2023 and 670 is plenty for FHA. I would start looking and see if you can find a good deal. Just don't push it in a market like this. But the type that waits for a better market typically just keeps waiting and waiting and waiting...