Hi BiggerPockets Community,
When I initially discovered BP, I had set out a goal for myself to purchase my first [income] property by end of 2017. I am currently in the process of seeking out options for financing the property of my liking but my credit score right now isn't the best. However, I have a comfortable allocation of secured funds for investing and there other reasons I believe I'd qualify for other loan options.
My question is, how do I see about getting additional pre-qualifications on identified properties/home values without lenders pulling my credit? Since I have 'a report' that contains the three reported credit scores (the document is from a lender who pulled my credit and not the credit bureaus themselves) from an initial pre-qualification screening, I'm assuming that I can just use these when approaching other lenders for their own reference in getting pre-qualified?
Lastly, I am a first-time home buyer in CA and I'm looking to purchase a triplex or quadraplex with a minimum down payment. I understand what the standard down payment percentages are for jumbo loans for a given credit score, but does anyone have any insight or advice on who or what I should consider next? I've thought of inquiring with online lenders such as SoFi, Lending Home, etc. Maybe a credit union is the worth considering...
Hi James, I'm only licensed in Texas but being a Mortgage Broker, I thought I could add a little insight to your post. To add to your first question about getting prequalified -- I can only speak for myself, I prequalify potential clients on a regular basis with the credit report they provide, if they have one. I find a lot of clients do not want their credit pulled multiple times by different lenders. I'm very upfront and clear though that the prequal could change once I pull credit. I'm able to do this as a broker, I would venture to say that larger banks/lenders may not allow their LO's to accept your credit, and may require a pull even for a prequalification. Just my 2 cents.
Second part: I recommend you use a Mortgage Broker, not only because I'm one and biased:), but Brokers are signed up with multiple lenders. This allows them diversity in programs, products, and rates. A broker may have access to a lender that specializes in what you're looking for. Sometimes the larger firms have overlays and only have access to their in house programs. Again just my best advice. Good luck and I hope this helps.
@Ken Min , Thank you for the referral!
@Charlie Jordan I appreciate the insight. Now that you've mentioned it, I definitely think that working with a broker makes sense as far as flexibility in financing sources/options is concerned.
And by the way, I'm a Texas Homer myself. Stay safe in that weather!