Andy Jolls

Countrywide reported in august that the average FICO credit score dropped to 680 from an original 715, but topped the 620 that some analysts deem a cutoff for "subprime." The US median is 723.

I haven't seen stats on this for new homebuyers. I'll provide a link to more on average credit scores in general. You might want to search on portfolios and average FICO credit scores to learn more - Wed Oct 8 2008, 10:17

LIkely, you should wait on the home purchase but get working on your FICO credit score. I've known people who've gone from 500s to 700s in under 18 months. Trust me, even if the market accelerates in the next few months [doubtful] you should still wait, as your interest rate now will cause higher payments. I've got lots of lessons at my free credit education site, but i'm going to refer you to one this one:

How does a Realtor® prepare a client to get the best FICO credit scores? - Episode #51

Check out my other lessons, episodes and resources as well. - Tue Oct 7 2008, 15:04