Hello I'm still several months away from purchasing my first investment property to house hack and using a FHA loan. Is it wise to find out now how much a lender will be willing to loan to me, so I could plan on type of multifamly, location I could get etc or wait till I'm much closer to be in position to buy. I'm worried about credited score taking a hit with such inquiries as well. Thanks
@Account Closed I believe doing thorough research on here and talking will not hurt. IMO talking and seeking will only be beneficial, however; hard inquiries might give your credit a bit, but talking doesn't help... Remember lenders and banks want your service and need your permission before pulling credit.
@Nick Britton thanks for info Nick, even a rough estimate from a lender would help in my planning.
Everyone is entitled to one free credit report and credit score for each of the 3 major credit reporting agencies. You might think to get your free copy which will not affect your credit score at all and bring that along with you when you interview possible lenders. They might be able to provide you with a pre qualification for a loan but I cannot say. You will have to wait and see what they tell you. I do not see how this could hurt.
@Gilbert Dominguez thank you for the good idea with the credit report, Gilbert. I'm going to do that.
@Henry J. thanks Henry, I'll be sure to bring the info you mentioned and be sure to get a check list, to well prepared. I want start relationship with my lender with a good impression. So thanks for info !
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!