Let’s see – Your credit score is not where you want it, you don’t have as large of a down payment as you would like, and your job situation is not where you want it. That means you should be able to get a big loan approved within about 20 minutes!!
But seriously, If I were you, I would keep a close eye on the market, and when your 8 months are up, see if it makes sense to think about buying. Nobody knows exactly what the future holds. But one thing that’s for sure is that there will be an increasing amount of bank REOs hitting the market. In 8 months it might be a pretty good time to buy, or maybe it will be obvious to you that it is not the time to buy yet.
Don’t wait until it’s cheaper to buy than to rent, or you may never buy, at least in some areas. In nicer areas, it will never be cheaper to rent. In areas with much less market appeal, it might be getting closer to the point where it’s cheaper to buy than to rent.
