Loan amount

6 Replies

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

Jared 

@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. 

Start checking your credit score and see if there is anything that's not right and get on a plan to fix them. Talk to a few mortgage brokers to see what you need to prepare for the paperwork. At the minimum - your bank statements (2 months), any mortgage statement with balance, HOA statement if any, 2 yrs of your complete tax return with w2,, all trading and retirement account statement (2 months), and 2 pay stubs, your SS card and maybe even your state ID. You can get some of these ready but it may be easier to get a check list from your broker... Your broker should be able to tell you the range you can afford as well, based on the number you give him/her. Good luck!

@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 ! 

Jared 

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