YOUR QUESTIONS ANSWERED
Have a question? We’re here to help. Browse answers to common questions below, or contact us today.
Frequently Asked Questions
We are a local, Direct Lender, which means we are invested in the community and our reputation is at state with every deal. Each loan officer works with you directly and is available before, during, and after hours. We have a variety of loans that cater to different people and their specific situation. Our customer service, experienced loan officers and operations team help guarantee a successful loan process.
Having a pre-approval letter before you go see a property allows you to know that you can qualify for a house in your price range and budget. This letter also shows sellers you have already started working with a lender, and you are a serious buyer. You need to know your numbers and payments before looking. If not, you may fall in love with your dream home and then find out it is out of your budget or comfort zone.
What you qualify for is determined based on a combination of your monthly income, assets in the bank, how much debt you have, and what your credit score is. There is not a one size fits all scenario, and that’s why it is important to get pre-approved before you go house hunting. You want to know for a fact that you can qualify for the house you may be looking at.
Below are the minimum down payments required for Conventional, FHA, & VA loans:
- 3% conventional – First Time Home Buyer (FTHB) only otherwise minimum down is 5%
- 3.50% FHA
- 0% VA
There are several ways you can improve your credit score. Some examples are paying off certain debts, removing yourself from authorized liabilities, and several others. You still have loan options even if you have concerns about your credit. There are loans for low scores and minimal credit, but on top of that, our loan officers can help guide you in the right steps to get your score up and quickly. We use Rapid Rescores and have seen some credit scores improve in a matter of weeks.
The typical information we will need from you in order to fill out the application would be: Name, Date of Birth, Phone Number, Current Address, Email Address, Employment History, Current Income, Monthly Liabilities/Debt, and Assets.
- Most recent 2 years W-2s
- Most recent 30 day pay stubs
- Most recent bank statements you’ll be using for this transaction
- If self-employed, most recent 2-year tax returns/personal & business
- If you own a property already, please provide the most recent mortgage statement, homeowners insurance declaration page and HOA statement (if applicable)
Points are a fee you pay to lower your interest rate. Rates are quoted at the market rate. Paying a point can buy the rate under market. A “point” is 1% of your loan amount. This fee is tax deductible and commonly buys your rate down roughly .25% under market rate.