Howdy guys I am looking to take down my first house hack deal here in San Antonio. My question is should I use a local bank or some other bank/lender that you see on redfin and zillow? I was using a company called fairway mutual and they seemed good at first but now they aren't responding or answering my questions. It's pretty frustrating because I'm 20 and have worked VERY HARD to build my credit and it gets dinged every time I use a lender and so far 3 of them have been useless. Does anyone have any banks or lenders they would recommend? I don't want to be wasting my time and have my credit score continue to go down since I already have enough going against me because of my age and lack of experience. Another question I have is it even a good idea to look for lenders that are out of state and that I can't meet in person or even worse that don't know the market I am looking to buy in?
I recommend using the lender that you feel you can build the best relationship with. Dont worry to much about getting the very best interest rate. Having a good relationship is the most important thing.
Also don't worry to much about hits on your credit score in the long run it won't make a huge. Just continue to be conscious of it and you will be fine.
Maybe check out Randolph brooks credit union. I used them before and had no complaints.
I recommend going with a local lender. I've always had more success that way. Are you looking at an FHA 203k loan? Those are difficult and there arent many lenders that are very experienced with them. Feel free to shoot me a message, I have a couple good lenders that I know will pick up the phone every time.
@Michael Guzik You have engaged 3 lenders and none have been able to help? What is their reasoning? Are you just not qualified? I bought my first house (a duplex to house hack) at age 20 as well. I was still in college and my annual income amounted to around $12k/year. I had $10K in the bank and zero debt. I had a credit score, but had less than 2 years of credit history. It required me to have my father co-sign on the loan. This turned out to be a good thing. We closed on the duplex. I rented out one-side which 100% covered my PITI and then I leased out each bedroom on my side for $300/month all bills paid. I ended up cash-flowing big time. Mortgage rates dropped and after 2 years I was able to use all the rental income to do it again. Anyway, my point is, let's figure out what the obstacles are that kept the first few lenders from qualifying you and go to a local lender that specializes in first-time home buyers (and the obstacles they face).
I have used Armando Barbosa of Vision Mortgage on my personal home, investment properties, and recommended him to several clients. Disregard his dated website, this guy knows the industry and will tell you what you need to get you a loan. Keep in mind getting to a "qualified status" may take time or may require a co-signer. Lastly, make sure to let him know you don't want another "hard" pull on on your credit. He can likely assess what he needs without it. Also, if you have a current copy of your credit report, that may suffice for initial qualification. If you have any other questions, don't hesitate to reach out to me.
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