All Forum Posts by: Paul De Luca

This was the first time I spoke with this LO, so don't you only discuss terms after you've found the property you want to buy? He just wanted to check my credit and ask me preliminary screening questions like gross income, debt-to-income etc. He asked for W2s, bank statements, pay stubs, but we didn't discuss terms of the mortgage.

Ideally I could get a lender referral from someone within my sphere, but I don't know who to ask. Maybe I'll try my current property manager to see if they have any recommendations. The LO didn't talk about home possible, probably because I seemed intent on just FHA. I wasn't even aware of home possible loans, which I just learned a little about by googling. Could you offer any recommendations on strategies to buy the property with virtually nothing out of pocket? I'd love to hear, and we didn't talk about future property purchases either.

I'll do that, thanks Nick!

Hi Everyone!

I am gearing up to buy my first investment property (which I will live in) this May/June since my lease runs out at the end of June, so starting today I have begun reaching out to lenders to begin the pre-qualification and pre-approval process for an FHA loan. I am targeting either a duplex or triplex in DuPage County or Cook County in Illinois, basically the western suburbs of Chicago which is where I currently live. I got a list of FHA approved lenders off of HUD's website and called the first bank on the list for DuPage County. I spoke with the loan officer for about an hour and a half and successfully pre-qualified and got pre-approved with no issues. My question: how many lenders should I call while shopping for a mortgage? Any tips or advice would be greatly appreciated, thanks!