Question 1

How much do I actually need for a down payment?

Accepted Answer

Less than you think. The 20% number is the single most expensive myth in real estate. It keeps people renting for years longer than they need to. Here are the real numbers: Conventional: 3% down for first-time buyers, 5% as you keep growing FHA: 3.5% down with a 580 credit score VA: $0 down if you're eligible USDA: $0 down in qualifying areas On a $400,000 house, that's $12,000 for Conventional and $14,000 for FHA. And your down payment can come from a gift from family, which a lot of buyers don't realize. 20% down does one thing: it removes mortgage insurance. That's worth weighing, but it's a trade-off, not a requirement.

Question 2

What credit score do I need to buy a house?

Accepted Answer

That depends on the program you choose. There is no single number, and anyone who gives you one is oversimplifying. FHA, VA and USDA. Generally 580 or better is acceptable. FHA will go down to 500 with a larger down payment and more restrictions. VA and USDA do not set a minimum score at all, which means the lender decides. A lot of lenders don't do those loans, so please ask us about them. Conventional. Fannie Mae and Freddie Mac recently removed their minimum credit score requirement entirely. They now run a fuller risk analysis instead of a hard cutoff, weighing your reserves, your down payment and your payment history alongside the score. That said, for planning purposes, look for a 620 or better. The floor is gone but the reality is that most approved Conventional loans still land there. Two things worth knowing whatever the program: The score we pull is off a mortgage specific FICO model. It is usually lower than the number your credit card app shows you. Don't panic if there is a gap, and don't assume you are approved based on your app either. Your score can affect your rate and your mortgage insurance cost, not just your approval. On Conventional loans, the difference between a 680 and a 740 can be real money every month. On FHA and VA it works differently, where a 650 and a 750 get the same rate. If you're close but not there, tell us anyway. We've walked plenty of buyers through a 60 to 90 day plan to move a score up 20 or 40 points. That conversation is free, it costs you nothing on your credit, and there's no obligation attached to it.

Question 3

Pre-Qualified, Pre-Approved, Accredited: what's the difference?

Accepted Answer

Pre-Qualified means you told us your numbers and we did the math. It's an estimate. It takes ten minutes and it's a fine place to start. Pre-Approved means we pulled your credit and reviewed your actual income, assets and documents. We verified the numbers rather than taking your word for them. Accredited means your file has actually been underwritten. Not just reviewed by your loan officer, but run through underwriting the same way it will be after you're under contract. That gives you the strongest possible position when you make an offer on a house. Most lenders won't do this. We do it as a courtesy for our clients. If you're seriously shopping, get Pre-Approved. If you want to win the house, become Accredited.

Question 4

How much house can I afford?

Accepted Answer

Lenders answer this with debt to income ratio, meaning your monthly debt payments divided by your gross monthly income. Most programs want that under 50%, and some allow higher with strong compensating factors. But here's the answer that actually matters: the number a lender will approve you for and the number you should spend are usually not the same number. We'd rather show you the full range and let you pick a payment you're comfortable with than max you out and call it a win.

Question 5

Should I get pre-approved before I start looking at homes?

Accepted Answer

Yes, and it should be your very first step. Four reasons: You'll shop in the right price range instead of falling in love with a house that carries a higher monthly payment than you're comfortable with. Most agents won't schedule showings without one. Most sellers won't look at an offer without one. If something on your credit needs fixing, you find out months ahead instead of days. And once you upload your documents, you become Accredited, which is the highest level of approval you can have before you buy a house. Getting pre-approved does not commit you to anything, doesn't lock you to us, and doesn't cost anything. It's information.

Question 6

What types of loans do you offer, and how do I know which one fits?

Accepted Answer

Our core products: Conventional, FHA, VA, USDA and Jumbo. As a direct lender, we also run several specific programs: Bridge loans. Buy the next house before the current one sells One-time close construction. Build and permanent financing in a single closing Physician loans. Low or no down payment, student debt treated differently Renovation loans. FHA 203(k), Fannie HomeStyle, Freddie CHOICERenovation non-QM loans. Bank statement, 1099, asset depletion and self-employed income Investor loans. DSCR and investor renovation You don't need to pick. That's our job. Tell us the situation and we'll tell you which two or three options are live and what each one costs you.

Question 7

What's the difference between Conventional, FHA, and VA?

Accepted Answer

Conventional. The most common loan in the country, and usually the strongest option when your credit is in good shape. First-time buyers can put down as little as 3%. Mortgage insurance is priced off your credit score, so the better your score the less it costs, and it comes off once you reach 20% equity. Conforming loan limits are set by state and county, and higher-cost counties have a high balance tier that goes up further. Ask your loan officer what the limit is where you're buying. FHA. Government insured and easier on credit and debt ratios. Minimum down payment is 3.5%, and the mortgage insurance costs the same no matter what your credit score is. For a lot of buyers that makes FHA the more affordable path, even some who would qualify for Conventional. VA. If you're an eligible veteran, active duty or surviving spouse, this is the best loan available. Zero down, no monthly mortgage insurance, competitive rates. If you qualify for VA and someone is steering you toward FHA, ask why.

Question 8

Do I qualify for any first time home buyer program?

Accepted Answer

Quite possibly. Statewide programs run through state backed entities, offering help with both down payment and closing costs. That help comes either as a grant you don't repay or as a deferred second loan at 0% interest with no monthly payment. General eligibility starts at a 620 credit score, along with income limits, purchase price limits and a homebuyer education course. Two things people get wrong: First time home buyer in most states means you haven't owned a primary residence in three years. Plenty of previous owners qualify again. Some down payment assistance programs have no first time buyer requirement at all. Local city and county programs stack on top of these in some cases. Ask us to check your specific address.

Question 9

Can I get a loan if I'm self employed or paid on commission?

Accepted Answer

Yes. Most lenders struggle to figure out how to deal with entrepreneurs and self employed borrowers. We specialize in getting those done, because we're self employed too. When tax returns don't tell the whole story, bank statement programs, asset depletion programs, 1099 statements and other self employed based programs let us use your income a different way. The rate can run a little higher. For most self employed buyers, that's the difference between being approved and not.

Question 10

Do you finance renovations or fix-and-flip properties?

Accepted Answer

Both, and they're different products. Buying a house that needs work? FHA 203(k), Fannie HomeStyle, and Freddie CHOICERenovation let you roll the renovation cost into the purchase mortgage, based on the home's value after the work is done. One loan, one closing, one payment. This is how buyers get into neighborhoods they'd otherwise be priced out of. Investor buying to flip or renovate-and-hold? We run business-purpose lending for that. Different underwriting, faster timelines, based on the deal rather than your W-2. Renovation loans require an approved contractor and a draw schedule, so start the conversation before you're under contract. The timeline is tighter than a standard purchase.

Question 11

How are closing costs calculated and how much should I budget?

Accepted Answer

What's inside closing costs: Lender fees. Origination, underwriting, processing Third party fees. Appraisal, title, survey, recording Prepaids. Your first year of homeowners insurance and several months of property taxes into escrow The prepaid piece isn't really a cost. It's your own money going into your own escrow account. But it's cash you need for closing, so it counts. Add it up and you should budget 2% to 5% of the purchase price, on top of your down payment. On a $400,000 home that's roughly $8,000 to $20,000. Seller paid closing costs are negotiable. Depending on the loan type, a seller can contribute toward your closing costs. We build that into the offer strategy. Let's get your agent and us on the same page before you write an offer, not after.

Question 12

Can I lock my rate, and what happens if rates drop after I lock?

Accepted Answer

Yes. Once you're under contract you can lock, typically for 30 to 60 days, which protects you if rates rise before closing. If rates drop meaningfully after you lock, most lenders, us included, offer a one-time float-down. Terms vary by program and there's usually a threshold the drop has to clear. Ask about it when you lock so you know the rules going in. Straight talk on rate shopping: a rate quote without a fee sheet is worth nothing. A lender can buy your rate down with points and quote you a number they know you'll like. Compare Loan Estimates side by side, same date and same lock period, or you are comparing marketing, not loans.

Question 13

What is PMI and how do I get rid of it?

Accepted Answer

Private mortgage insurance protects the lender if you default. You pay it on Conventional loans when you put down less than 20%. It typically runs 0.3% to 1.5% of the loan amount per year, driven mostly by your credit score and down payment. Getting rid of it on a Conventional loan: You can request cancellation at 80% loan-to-value based on the original purchase price. It cancels automatically at 78%. If your home has appreciated, you can order a new appraisal and cancel early. DFW buyers from a few years back have done exactly this. FHA mortgage insurance is different. With minimum down payment it lasts the life of the loan and cannot be cancelled. The exit is a refinance into Conventional. That's not a reason to avoid FHA. It's a reason to plan for it.

Question 14

How long does it take to close?

Accepted Answer

Thirty days from contract to closing is most lenders' standard target. Not ours. Straightforward files close faster. We've done loans in less than fifteen days. Need to close in eight and you're already through underwriting? We'll do that too. Rough shape of the timeline: application and disclosures first, appraisal ordered immediately, underwriting review, conditions cleared, then final approval and closing disclosure. The variable that moves this most is you. Files close on time when documents come back in a day instead of a week. We tell you exactly what we need and when. No drip feeding requests one at a time.

Question 15

What documents will you need from me?

Accepted Answer

The standard set: 30 days of pay stubs Two years of W-2s (plus tax returns if self-employed, commissioned, or you own rental property) Two months of statements for every account you want counted, all pages, including the ones that say "intentionally left blank" Photo ID The fully executed contract once you're under one The underwriter may have additional follow up questions, and your processor and the team will get with you on those. That's normal, not a warning sign. Large deposits need to be sourced, job changes need explaining, and gift funds need a letter and a paper trail. One tip that saves real headaches. From application to closing: don't open new credit, don't finance furniture, and don't move money between accounts without telling us first.

Question 16

What happens after my offer is accepted?

Accepted Answer

If you thought we were great to this point, get ready. This is where the real magic happens. Disclosures out for signature Appraisal ordered Title work opened with the title company Your file starts moving toward closing Meanwhile you'll schedule your inspection. Then it's underwriting conditions, your Closing Disclosure three business days before closing, a final walkthrough, and signing. You'll hear from us at every milestone whether or not there's news, and so will your agent and the listing agent. Silence is the number one complaint people have about their lender. We don't do silence.

Question 17

Does talking to you hurt my credit score?

Accepted Answer

No. We work off a soft credit pull, so it doesn't affect your score at all. You can call us, find out exactly where you stand, get Pre-Approved and shop for houses without your score moving. A lot of buyers put off calling a lender for months because they assume the phone call means they'll start getting hounded by every other lender in the country. That happens when a lender runs a hard pull, because the credit bureaus sell that information. A soft pull doesn't trigger it. Your phone stays quiet. Eventually, right before closing, a full credit report is required. We'll tell you before it happens. You will never find a surprise inquiry on your report from us.

Question 18

What could delay my closing?

Accepted Answer

In rough order of frequency: Appraisal comes in low. Then it's renegotiate, bring cash to cover the gap, or dispute with comps New debt during the process. A financed couch or a new car can blow your ratios days before closing. This happens more than you'd believe. Changing jobs. Call us before, not after Unsourced large deposits. Every dollar has to be explainable Title issues. Liens, boundary problems, heirship Insurance. Binding a policy can take longer than buyers expect. Start shopping early. Most of these are survivable if they surface early. That's the whole argument for a lender who's actually watching your file.

Question 19

Who do I talk to if I have a question mid-process?

Accepted Answer

Anyone on our team can answer your question. You have our cell phones. Call any of us, any time we're available. It's always good to go back to your loan officer, since they know your file. But you won't get a call center, a ticket number, or a different person every time. The person who took your application is the person who picks up. We work nights and weekends. Not as a favor, that's how we operate. Real estate does not happen between 9-5. Offers get written on Saturday afternoon. Contracts come back Sunday night. Something in your paperwork stops making sense at 9pm on a Tuesday and you need an answer before you can sleep. Call us then. That's when it matters. Your agent gets the same access. When a listing agent needs to hear from a lender before accepting your offer, they are not waiting until Monday morning to reach us. That has won deals for our clients. That availability is most of why this company exists. Mortgages are just the vehicle. Community is the mission.