All Forum Posts by: Sean Thompson

Thank you all for the feedback. I just paid my third mortgage payment, hopefully will see that uptick soon.

Best,

Sean

Hi all,

I purchased my first rental property, a 3bd/2bath condo in Raleigh, NC in May of this year. I had outstanding credit in the low 800s/high 700s prior to securing approximately 185K in a conventional mortgage loan after putting 10% down for a primary residence house hack.

Researching online, it looks like credit should drop approximately 15-40 points after acquiring a mortgage, but my credit shrank all the way to 685. I have no other major credit debt, ~10K between student loans and other pay as you go purchases. Not sure my debt to income ratio but I have > 150K in assets and my w2 is well above six figures. When I opened my credit report I see no suspicious activity that would warrant an 120 point decline.

Has anyone experienced this issue and if so how did you handle it? I want to continue to build my portfolio with at least another house hack in 2023, but concerned I won't get the best loans with this drop. Thank you for your feedback!

Hi BP community,

First time posting here since becoming a part of the community in 2021. Question regarding primary residence loans:

I purchased my first property a condo in Raleigh NC in May of this year with a 5% down primary residence loan. I'm looking to move and house hack again, but I'm tracking most loan companies require to stay in the property for a year. I do need/desire to move to a new city with better flight transportation due to traveling 90%+ for a consulting job.

Am I able to secure another primary residence/FHA loan on a new property (thinking Charlotte/Chicago/Dallas) without breaking the loan terms? Technically my job isn't requiring me to move (I can be based out of anywhere), but moving to another city with better transportation would improve work efficiency.

Thanks in advance for your insight!

P.S. I'm thinking multi-family or SFH house hack for my second property. Suggestions welcomed.