FHA House Hacking & Using a Credit Card to Save for Down Payment

[Derek Francisco]

Hi All,

This is my first post. I have set a goal to buy my first house by the end of the year, preferably by the end of the Summer. I have good credit and a credit card with a relatively high limit. I'm already pre-approved for a mortgage. I plan to buy a multi-unit and live in one.

My quandary is that I am trying to save up for a mortgage down payment while also being diligent to keep my credit card balance low. However, if I continue to keep putting my day to day expenses on my credit card while only paying the minimum payments, I'll be able to save for the down payment faster, albeit while stacking up some credit card debt in the meantime.

Is this a sound strategy? Am I risking hurting my credit score and ability to get my first mortgage even though I'm already pre-approved?

Thanks in advance!

Derek