I'm ready to make some progress, how do I get pre approved/qualfy
I got my funds and goals in order , I want for a 2-3 family in New Jersey or staten island using fha loan.
My question is how do I get pre qualified ,because I don't want a hard inquiry on my credit yet cause I haven't looked at property's yet but I do want to see how much I can get loaned.
1. Can I talk with lender in NYC even though I plan on buying in Jersey.?
2. I use td bank so can I just go in and tell them what I'm looking to do?
3. How do I qualify for the fha part of the loan ?
I'm looking for any knowledge on the early stages of the process
Hard pull on your credit for a preaaproval usually only has a minor impact on your score. And lenders see that you're shopping for a mortgage and take that into consideration.
Just speak with your bank and tell them what you're looking to do and they can work up some numbers for you.
@Chris Breezy A credit pull is required for any reliable preapproval, otherwise, nothing is reliable. "I have great credit; I swear." And as @Christopher Phillips stated, the effect of a single pull on your score is absolutely nominal. It's not going to be the difference between being approved for a loan or not. Or even a rate of 4.5% vs 4.625%.
According to every credit expert I've spoken with, inquiries are irrelevant. MyFICO.com agrees: http://www.myfico.com/credit-education/whats-in-your-credit-score/
i agree with a mortgage pull having little to no effect on your credit score. If you applied for a bunch of revolving debt in a short period of time that would hurt your scores.
@Chris Breezy If you go to a lender in New York looking to invest in New Jersey, you need to make sure that the lender and the loan originator you are working with are also licensed to originate loans in NJ. There's a good chance they will be since New Jersey is a neighboring state, but you just need to ask the lender.
Your lender can tell you if you qualify for an FHA loan. You will need to meet a minimum credit score, show proof of employment, be able to pay the down-payment of 3.5%, your debt to income ratio must be lower than certain percentage among other criteria.