Frequently Asked Questions

Less than many people think. Many conventional programs allow as little as 3% down for qualified buyers, FHA allows 3.5%, and eligible veterans and service members can buy with $0 down using a VA loan. Down payment assistance may also be available. 20% down is not required to buy a home.

Many conventional loans look for a score of about 620 or higher, while FHA and VA programs can be more flexible. Every situation is different — we’ll review your credit with you and, if needed, give you a plan to improve your score before you buy.

A pre-qualification is an early estimate based on what you tell us. A fully underwritten conditional approval goes further: you provide documents, an underwriter reviews your credit, income and assets up front, and you shop with an approval that’s much stronger in a competitive or multiple-offer situation.

Typically your last 30 days of pay stubs, two years of W-2s (and tax returns if you’re self-employed or have other income), two months of bank and asset statements, a copy of your ID, and for VA loans your Certificate of Eligibility — which we can help you get.

Many purchase loans close in about 21 to 30 days, and well-prepared files can close faster. Getting a fully underwritten approval before you write an offer is the best way to keep your closing on schedule.

Closing costs commonly include lender, appraisal, title, escrow and recording fees, plus prepaid items like property taxes, homeowners insurance and interest. Your Loan Estimate itemizes them. Sellers can often contribute toward a buyer’s closing costs or an interest rate buydown.

Yes. The VA home loan benefit is reusable, and it isn’t limited to first-time buyers. Your available entitlement determines how much you can borrow with no down payment.

Often, yes. Seller concessions can be used toward closing costs, prepaid items or an interest rate buydown. Each loan program has its own limits, so structure your offer with your lender before you submit it.

A buydown lowers the interest rate — either permanently (by paying discount points) or temporarily, such as a 2-1 buydown where the rate is lower for the first two years. Buydowns are often paid with seller credits and can lower the monthly payment more than an equal price reduction.

Yes — ideally months before. A conversation and a plan now can uncover small changes that make a big difference, and you’ll know your true price range before you start touring homes.

Possibly. A DSCR (Debt Service Coverage Ratio) loan qualifies you primarily on the property’s rental income rather than your personal tax returns. It’s a popular option for real estate investors.

It depends on your current rate, your goals and how long you plan to stay. A refinance can lower your payment, shorten your term or let you tap equity. We’re happy to run a free mortgage checkup and show you the numbers.