All Forum Posts by: Aisha M.

Thank you both for responding! All great information I'll take into consideration!  Thank you!

Hi BPers, I’m new here. I’m trying to buy a multifamily to househack but coming up short to meet closing costs under a conventional loan. Is borrowing a couple grand from my 401k to afford closing costs a good idea? And also, how would I be penalized going that route? Feel free to provide any other alternatives I probably haven’t thought of.

Great thanks! Isn't it within a 30 period, they all count as one inquiry? 

Thank you Niels! But would it count against the number of credit inquires on my report? 

Hello BP fam, I have a couple questions as I’m actively working on purchasing my first investment. I asked about a FHA 203 k loan pre-approval and he just gave me the run around about how I’ll pay more with that loan. Frankly, seems to me like he doesn’t want to do the work. I’m wondering if I should shop with other lenders who seem open to the work a 203k loan process or if he is actually telling me the truth. Should I shop around with different lenders or try and see if he will get me approved for one? Will it affect my credit too much?

Thanks guys that's all really helpful.  @James Reyes I'll be connecting with you since you have experience in the market I'm going to be looking in.  

@Jim D. I'll bring that up to a lender. Have you ever used a home possible loan? Would it be smarter to go home possible loan first or FHA?

Thanks for the info! You helped me understand ARM options better. @Justine sch

@Justine Scheuherundefined,  I am looking to house hack a multifamily unit next year in Buffalo, NY.  With your current house hack, do you think you'll buy another single family of multifamily house and continue the trend with rental properties?

I'm sure this allows you to quickly save up for another down payment for another investment property if you choose to do so, that's one of the reasons why I chose to go this route. I'm glad it's working out for you.

@Andrew postell, great thank you for responding! I also read more about home possible loans vs 203k loans. Is there a purchase price limit with either? 

Pro and con of each.

@Jim D., does the homepossible morgage loan allow for renovations to the home once purchased?