All Forum Posts by: Jerry Padilla

@Caleb Matteis Pre-approval take usually 24 hr for a turn around time. Underwriting  does take  about 72 hours for a  full approval. It will result in an inquiry on your credit. This one inquiry effects your credit slightly, but not very much. 

Hi Amir, 

I am glad to see you are looking for a national lender. 

Welcome to bigger pockets! It is very encouraging reading and learning in this website!

Hi Anna,

You want to go to a lender first and get pre-approved for a mortgage. Others are right. You want to work with someone who has experience in working with investors. The pre-approval will let you know how much you can buy.

It is possible to get denied still after a pre-approval. It is important to go all the way through to loan commitment. I am not sure what your circumstance is. Sometimes, there are things that can be done to overcome being denied.

If it is a credit issue, it can be corrected.

Sometimes different banks look at income taxes differently, which can make a big difference in income.

Pre-approvals are important as a pre-approval letter

- Gives you a stronger offer

- Shows that you are serious and qualified for a mortgage to purchase the property of interest

- A pre-approval will also tell you how much you qualify for so you are looking in the right price range

- It will also help speed up the buying process once you found a house. There are two types of pre-approvals.

Quick Qualifying pre-approval: Involves looking into your income, down payment and credit report

Full Mortgage pre-approval: Takes all the necessary documentation to underwriting and generally takes 72 hours after all items are received.

Loan Commitment: Is what you receive after underwriting has reviewed the pre-approval.

welcome to the real estate investing!

I would apply for a credit card also through your credit union and pay off at the end of the month. Just charge something little like gas. You don't want to max the card out or it can hurt your credit. Have you ever had a car loan, or have you thought of taking a small one out?

Another idea that is the quickest is to see if someone thst you are close too, maybe your parents would put you as a co-borrower on their credit card and it will put that cards history on your credit. If the credit card isn't charged up much and has a good history, but this can be a little risky too.

I would see if you could get a copy of a real estate contract from your attorney, and make sure everything is in writing. I would also make sure to include in that contract the exact repairs you want made and also make it subject to a home inspection. The home inspection will also give you some buying power too.

Another possible option would be to pull hard money out on the properties and then refinance the hard money loans with a conventional mortgage on the houses 5-10.