Asked by Stephanie Pruner, Old West Durham, Durham, NC • Mon May 17, 2010
My credit score is currently at a 620 and I really would like to consider my first home. BB&T has told me about the CHIPS program they have for first time homebuyers that does not involve paying private mortgage insurance. However, the interest rate is based on my credit score. I do foresee my credit score improving in the next 6 months, however, since the housing market is recovering would be it be wise to wait to buy to see what their interest rate would be -- or lock in a low rate now with an FHA mortgage?
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