I’m planning on buying a single family or a duplex to live in. This will be my first house. What kind of change should I expect to see in my credit score with a loan of around 100K to 140K about 2 months after the purchase? I’m wanting to get a cheaper 2nd property about 2 months after this, possibly on a loan with no debt/income ratios.
Current Scores are
782 TU
774 EX
759 EQ
Has anybody on here checked their scores a month or two after buying a property?
your credit should go up, but gadzooks it’s high already. You are going to run into higher rates on the second home with a stated income loan. You are looking at rates ranging from 7.5%to 8% interest only on the first and around 12-14 fully amortizing on the second. email me if you have any questions.
I believe your debt to income ratio will be affected more so then your credit score. You may want to add that calculation to your investment strategy.
it’s in there… i was planning on getting these 2, the first one real soon, the 2nd one within a couple months. The thrid one will be about 2 years away or so.
As your as your middle score stays over 700, do not worry much and it will not dip down to that unless you get some lates,
You will probably drop in the neighborhood of 10 - 20 points initially (new account), but then it should level off within six months and actually help your scores (better mix) beyond that…
Correct. Credit Score does drop a bit a couple months after purchase.
Gregg
REI God
The last 2 posts are accurate. Scores will dip slightly for a short period.
Nothing for you to be concerned about, even with a dip, your scores will be fine for most types of financing. 100%, stated, no ratio…pretty much whatever you want.
Keep us informed if you need anymore assistance with the purchases.