Jump to content

Questions on Buying New Build Track Home and Mort FICO Scores Affected by New Installment Loan?


The last post in this topic was posted 1712 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

Hello All,

 

I'm finally getting close to signing a contract to build a new home with Fulton Homes in Arizona.

 

I plan to sign the contract in mid-June to start the build process.

 

I asked the Fulton Rep some questions about the mortgage application process and everything sounds pretty straight forward but I still have some questions from the experts here.

 

The way he explained it was that I will have to get pre-approved around the time I sign the contract at the beginning of the build to make sure I qualify for the amount the home is going to cost once built but I wouldn't actually be closing on the loan until the build is complete, which for my home would be about 8-9 months after signing the initial contract to start building.

 

Question:

 

So I would be taking two hard pulls total for this correct? One for the initial pre-approval to start construction and then another pull 8-9 months later once the build is complete to actually take out the loan for it?

 

I'm currently sitting at Mortgage FICO scores that I got from Myfico of: FICO 5 - 750 FICO 4 - 740 FICO 2 - 753

During the 8-9 month build time of the home I plan to buy a used truck which I will be taking out a $30k installment loan for. I currently have no installment loans and I have zero debt so the payment on the truck will not affect my DTI much because I will still have quite a bit of room for the amount of the loan I plan to take out.

 

Question:

 

Will I see much of a hit to my Mortgage FICO scores because of the new installment loan?

 

 

Link to post
Share on other sites

The last post in this topic was posted 1712 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




  • Member Statistics

    • Total Members
      182,977
    • Most Online
      2,046

    Newest Member
    jamesmichael12
    Joined
×
×
  • Create New...

Important Information

Guidelines