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Updated about 8 years ago,
FHA Loan Pre-Approval Process: What should I ask the lender?
I'm still around, I'd say, two years off from making my first investment (working on getting a nice cushion of savings first). I'm planning to house hack a duplex that is financed by an FHA loan. Since I'd like to adapt my lifestyle earlier rather than later to best prepare myself for the investment, I'm planning to see how much I can get pre-approved for now. That way, I'll have a sense of where I stand and, if there are any factors I can fix to increase that amount two years down the line, I can start fixing them now.
That said, I'm planning to go to my bank (Fifth Third) tomorrow and talk to a rep to see how much I can get pre-approved for, even though I won't be moving forward with taking out a loan.
Any suggestions about how I present the situation (can I tell it like it is, or is it best I act as if I'm actually planning to buy now?), what questions I should ask, etc.?
If I use my current bank, will I be charged for going through this process?