What is my next step? How do I keep my credit in check?

4 Replies

Hi I recently decided I was going to get a duplex/primary residence in the city I worked in, concord NH.  I applied and was prequalified for a great HLPR loan.  Well about two months into looking, a job opportunity opened up in Maine and I had to take the opportunity.  I would like to move to maine and start looking for a duplex in my area right away.  I will have to get prequalifed for a new loan.  My questions to the forum:

What do I tell the credit union here? Do I call and explain my situation to them?

How soon can I get prequalifed again? Should I wait for the new year or would that make a difference? I do not want my credit constantly checked. 

How long should I wait to get pre-qualified again?

On another note, I just got rich dad poor dad and could not put it down. Read the whole book in a night.  Ive been listening to podcasts like a madman.  LOVE THIS SITE!

Hi Samuel - Welcome to the community. You'll find so many resources on here, you could be up all night reading!

I don't know much about the HLPR programs, but I would think about asking them if you can utilize this financing in another state and explain the situation to them.

I'm not an expert in credit report analysis one bit, but credit checks never have stopped me in my pursuit of getting financing for rehab loans. Would be interested to here how much of an impact they make on your credit but I would assume not as much as being chronically late on your mortgage payment.

Rich Dad Poor Dad is an awesome book! I was just looking at my copy last night. I've never played the cash flow game but I would like try it some time.

Thanks for the info. They will not be able to offer me this financing in maine. The HLPR program is a NE credit union in house portfolio loan. I called every bank and credit union in NH and decided to go with this one. 2% arm for 3 years, no PMI insurance needed, 3% down, they pay half your closing costs, and no penalty for re-fiancing after 3 years. Can go up to 7% for a high over 4 years once your 3 years at 3% is up. It is for first time buyers living in the home only. But there is no min time you must stay in the home.

I hope I can find something similar up in maine. 

If your new job is in the same line of work or industry as your old job, it should help.  They will need to see more than 2 days in your new job I'm sure!  My guess is 6-months in new job, 2-years in same industry/line of work.  That said, time to get creative if you want to get busy right away.  Get your down payment monies together and find seller financing with at least a 15-month balloon maybe.  I have  a bro-in-law in Manchester that would probably review some proposals you come across if you're in his area.  

Thanks for the reply. It is in the same line of work, I have almost 3 years at this job in concord. I have started looking at HUD homes and put in a bid on one in the area. I could pay cash. Any good refrences for more info on HUD homes on here?

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