It really depends on a combination of things, what your current FICO scores are, what caused them to be low, what your payment history has been over the last year, what your debt to income ratio is, what your current income is this year over last and of course, what price home your looking for.
The best course of action is to set down with a reputable lender and get prequalified. That way if for some reason there are issues that would prevent you from buying today, they could help you to work out a game plan to get you to where you can purchase as quickly as possible. Sometimes what you feel is the more important thing to do isn't necessarily what the lender finds most important.
If you need some referrals of lenders that will take the time to work with you and find the best solutions for your situation, please feel free to call me. Helping people achieve their home ownership goal is what we work for.
The Busse Team
First Team Real Estate