*Loan,banking and credit>>>credit repair

Should I repair my credit before purchasing a home, or continue renting until I repair my credit?

I want to purchase a home, but I am currently repairing my credit from mistakes I made 4 years ago. Ive consolodated two major issues on my credit, a large credit card bill and money I owe the IRS, smaller issues I have recently paid in full.I have enough money to either put into the bank for a down on a home or pay off my debts within a year or so.I now have a good job and hate throwing away money on rent. What is more important, continue paying rent until my debt is paid off and I can get a better rate on a home loan, or purchase a home now?

If you owe money to the IRS, pay it off.
There are many lenders that do mortgages for people with less than perfect credit. Some will do 100% financing with credit scores of 580+. You should know exactly what your credit score is and you there are many places that you can get a free report.
No bank will finance you with IRS liens, but if they are not liens yet and you are paying them, call a broker in your area and see what you can do. It is always better to own than rent. Source(s): I am a mortgage broker in NY state.

If your credit is good enough to get a mortgage and you can afford it, buy a house now. Rates are still low. Plus you'll be building equity instead of throwing it away. You can always refinance when you have better credit if you need to.
Rent is wasted money making someone else rich..Purchase the home now and perhaps you can incorporate into the mortgage all of you outstanding debts including I.R.S., even if you have to purchase a cheaper home than you planned...After owning the home for a few years and all is settled and your beacon score is excellent, sell home and buy the one you want, besides you will probably sell for more than you pruchased and make a few bucks.
I would recommend paying off the old bills and repairing your creidit first. This will allow you a lower rate and save you money in the end. As a renter you don't have to worry about home repairs, insurance, or taxes. I would definitely wait.
Experienced it.
The best thing to do at this point is to continue to pay off your debt. I would also write letters to companies that are reporting bad info on your credit.to make sure they haven't received payments from their insurance companies for the debts that you have with them. If that is the case they should remove them from your monthly CRA reports which will then be removed from your credit.