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Updated over 5 years ago on . Most recent reply

User Stats

139
Posts
53
Votes
Adam Juodis
  • Plainfield, IL
53
Votes |
139
Posts

Shopping around to get pre-approval for a 1st time home purchase

Adam Juodis
  • Plainfield, IL
Posted

As the title states, I am looking to purchase my first home (To live in) and I would like to get pre-approved very soon. I was exploring the option of both conventional 20% down and FHA loans. I had several questions regarding pre-approval and the loan types:

1. When shopping around for a loan, only 1 hard pull will affect my credit(In the 30 day period), no matter the type of loan I apply for, correct?

2. Are there any special first time home buyer programs that offer great rates as well as waive any fees to strong candidate lenders (For reference, I have a perfect credit history with a score of about 800)?

3. Any benefits to cosigning a mortgage with a spouse (Spouse has credit score in high 700s), or am I better off signing for it on my name only? (For the price range I am looking at, I am not concerned about not having enough income)

Thank you!

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