I think what Jim and Wendy are both getting at is that you should seek to get your credit in as good a shape as possible before pursuing a mortgage.
Buying a home is a large financial decision, and you should put yourself in position to qualify for the best terms.
Depending on your down payment, income, and other factors, you may be able to get a mortgage with as low as a 620 middle credit score. However, expect to pay a higher interest rate if you are at the lower end of the spectrum.
Take care of your finances first before you take the step of becoming a homeowner, because it's not just as simple as "Why rent when you can own"
Hope this helps!
However, I donâ€™t refer my clients to credit restoration or repair, never met a â€œrepair expertâ€ that didnâ€™t coach their customers to commit mortgage fraud, linked some info below on this subject. Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
Donâ€™t overlook getting seller financing to get you into your own home. With good down payment, employment history and a collection account setup it can be safe, help repair your credit and get you in a home now.