FAQ’s

1. What are the requirements to get a home loan?
Three basic components: credit, income, and money for down payments.
2. What are the credit requirements to get a home loan?
FHA loans require a credit score as low as 580 while conventional and VA loans require a score as low as 620. There are possibilities to qualify for an FHA loan with a score below 580, but the process is more involved and may be a bit more difficult.
3. What are the income requirements to get a home loan?
Your gross income should be about three times as much as your monthly loan payments. There are certainly exceptions to this rule but vary on a case-by-case basis.
4. How much money for down payment do I need to get a home loan?
FHA loans require at least 3.5% down. VA loans tend to not require a down payment. Some FHA loans may ask for less that 3.5%, but, again, vary on a case-by-case basis. Please contact us to find out more.
 
5. What loans programs are available?
We offer FHA, VA, and conventional loans.
 
6. What is the home loan process, step by step?
Please refer to our handy loan process pamphlet located under the Resources tab.
 
7. Is it beneficial for me to move forward on this transaction?
While we are strong advocates for home buying, we will make sure the purchase or refinance you are making is in your best interest and there are benefits to going ahead with the transaction. Personalized consulting and advice is ideal in situations to determine whether there is benefit in the transaction.
 
8. Once my loan closes, can I still call you if I have any questions?
ABSOLUTELY. We encourage open communication. About half of our time is spent with past clients fielding questions about existing mortgage and clarifying any information they receive regarding their mortgage.
 
9. How is it you are able to approve me for a home loan if I’ve been turned down by my bank?
With combined experience of over a decade, we’ve dealt with it all and know how to deal. We are on the client’s side. We think outside the box and our ability to become more involved with our clients often ensure we meet their needs.
10. How is it you are able to approve me for a higher loan amount than my bank?
Experience allows us to look at your particular file with more detail and determine what your needs are more easily based on what is possible. Chances are you will not receive the same treatment from a bank officer.
 
11. What is the benefit of working with you, a broker, instead of working with a bank?
As brokers, we aren’t limited to the programs of one specific bank; we can offer what many banks offer. Similarly, as brokers, all our information must be fully disclosed to a consumer, whereas a bank is not legally required to fully disclose all the compensation they will receive for processing that loan. We offer transparency.
 
12. Will my loan be sold to another bank?
Most likely yes, but that will not change the terms of your loan.
 
13. What will my rate be?
Rates are determined by credit score, loan program, down payment, and kind of property to name a few factors. Please contact us to have your unique case reviewed.
14.  How much will closing costs be?
Several factors determine closing costs including type of loan and whether you want taxes and insurance included in payment. Accurate calculations can only be determined in one-on-one meetings so that we may become acquainted with your specific and unique situation.