Question 1

How much do I need for a down payment?

Accepted Answer

It depends on the loan program. Conventional loans start at 3% down for first-time buyers (5% for repeat buyers), FHA at 3.5%, and VA loans require zero down payment for eligible service members and veterans. DSCR investor loans typically require 20 to 25%. Refinances don't require a down payment since you already own the home. I'll help you figure out the best option for your budget.

Question 2

What credit score do I need to buy a home?

Accepted Answer

Most programs require a minimum of 620, but FHA can go as low as 580 (or 500 with 10% down). VA loans typically need 580 to 620 depending on the lender. Higher scores get better rates, but there are options for most credit profiles.

Question 3

How long does the mortgage process take?

Accepted Answer

Typically 21 to 45 days from application to closing, depending on the loan type and complexity. Purchases with a tight timeline can close in as few as 21 days. The biggest factor is how quickly documents are provided and appraisals completed.

Question 4

What's the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is a quick estimate based on self-reported info. Pre-approval is a formal review where I pull credit, verify income, and issue a letter. Sellers and agents take pre-approvals much more seriously because it shows you're a real buyer.

Question 5

Should I lock my rate or float?

Accepted Answer

It depends on market conditions and your timeline. Locking guarantees your rate for a set period (usually 30 to 60 days). Floating means your rate moves with the market, so it could go down or up. I'll advise based on current trends and your close date.

Question 6

What are closing costs?

Accepted Answer

Closing costs typically run 2% to 5% of the loan amount and include lender fees, title insurance, escrow fees, appraisal, and prepaid items (taxes, insurance). On a $500K loan, expect roughly $10K to $25K. Some costs can be negotiated or seller-paid.

Question 7

Can I buy a home if I'm self-employed?

Accepted Answer

Absolutely. We offer bank statement loans that qualify you based on deposits rather than tax returns. This is ideal for business owners who write off a lot of expenses. You'll typically need 12 to 24 months of statements, a 660+ credit score, and 2+ years in the same business. Personal accounts may use 100% of deposits while business accounts typically use 50%.

Question 8

What is a DSCR loan?

Accepted Answer

DSCR (Debt Service Coverage Ratio) loans let real estate investors qualify based on the property's rental income instead of personal income. If the rent covers the mortgage payment, you can qualify, even with dozens of properties. Great for scaling a portfolio.

Question 9

When should I refinance?

Accepted Answer

Generally, refinancing makes sense if you can drop your rate by 0.5% or more and plan to stay 2+ years. Other reasons: removing PMI, switching from ARM to fixed, shortening your term, or cashing out equity. I'll run the numbers to see your breakeven point.

Question 10

What documents will I need?

Accepted Answer

The basics: 2 months bank statements, 2 years W-2s/tax returns, 30 days pay stubs, and a valid ID. Self-employed borrowers need business tax returns too. I'll give you a complete checklist based on your situation. Check our Document Checklist page for details.

Homebuyer Resources & FAQ

Waiting for a better rate? Name it.

Homebuyer Guides

First-Time Homebuyer Guide

Understanding Your Mortgage Payment

How to Strengthen Your Application

Frequently Asked Questions

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