Questions About Mortgages? Start Here.

The amount needed depends on the loan program, purchase price, borrower qualifications, and available assistance. Some qualified borrowers may have low or no down payment options.

Credit requirements vary by loan program and lender. Your full financial profile, including income, assets, debts, property type, and loan amount, is also considered.

Affordability depends on income, monthly debts, available funds, interest rate, property taxes, insurance, and the loan program. A pre approval can give you a clearer range.

A pre qualification is generally an early estimate based on information provided by the borrower. A pre approval typically involves a more detailed review of income, assets, credit, and other documentation.

Closing timelines vary based on the loan program, property, appraisal, title work, documentation, and other conditions. Your loan officer can provide a more specific estimate for your transaction.

The best fit depends on your goals, credit profile, income, available funds, property type, occupancy, and other factors. Comparing multiple programs can help identify the right option.

Documentation commonly includes identification, income information, asset statements, housing history, and authorization to review credit. The exact documents depend on how you earn income and the loan program being considered.

No. A pre approval is an important early review, but final approval remains subject to underwriting, acceptable property documentation, appraisal when required, title, verification of information, and satisfaction of loan conditions.

The usable period can vary by lender and loan program. If your pre approval becomes dated, your loan officer may need updated income, asset, credit, or other documentation before you continue shopping.

Yes. In many cases, getting pre approved before shopping helps you understand a potential price range and can strengthen your position when you are ready to make an offer.

A mortgage pre approval may involve a credit inquiry. Your loan officer can explain how credit will be reviewed before the inquiry is completed.

Possibly. Mortgage programs have different credit requirements, and qualification is based on more than a single score. Income, debts, assets, recent credit history, property, and loan structure can all matter.

Debt to income ratio compares qualifying monthly debt obligations with qualifying monthly income. It is one of several factors used when evaluating mortgage eligibility.

Income and employment history can be important for many mortgage programs, but requirements vary. Alternative documentation programs may evaluate income differently for eligible borrowers.

Yes. Self employed borrowers may qualify through traditional documentation or, when eligible, alternative programs such as Bank Statement or 1099 financing.

Gift funds may be permitted under eligible loan programs when source, documentation, donor, and use requirements are satisfied. Rules vary by program.

An FHA loan is a mortgage insured by the Federal Housing Administration. It can offer flexible qualification and lower down payment options for eligible borrowers purchasing or refinancing an eligible principal residence.

Eligible FHA borrowers may be able to purchase with as little as 3.5% down, subject to current FHA requirements and borrower qualification.

FHA financing generally includes upfront and annual mortgage insurance premiums. The amount and duration depend on the loan structure and current FHA rules.

FHA loans are generally intended for principal residences rather than non owner occupied investment properties. Eligible multi unit properties may be possible when the borrower occupies the property as a principal residence and program requirements are met.

Eligible one to four unit properties may qualify for FHA financing when occupancy and other FHA requirements are satisfied.

Yes. FHA borrowers may have refinance options depending on their goals, current mortgage, equity, payment history, and program eligibility.

A conventional mortgage is not insured by FHA or guaranteed by VA or USDA. Conventional financing can offer a broad range of purchase and refinance options for qualified borrowers.

Some eligible conventional programs may allow down payments as low as 3%, subject to borrower, occupancy, property, income, and program requirements.

Private mortgage insurance is commonly required when a conventional borrower finances more than 80% of the home value or purchase price, subject to program and lender requirements.

Eligible conventional programs may be available for qualifying second homes. Down payment, reserve, credit, and occupancy requirements can differ from a primary residence.

Yes, eligible conventional programs may finance qualifying investment properties. Requirements typically differ from owner occupied financing.

Yes. Conventional refinance options may include rate and term refinancing and, for eligible borrowers, cash out refinancing.

VA home loan eligibility may be available to qualifying Veterans, active duty service members, National Guard or Reserve members, and certain surviving spouses. A Certificate of Eligibility helps document entitlement.

Eligible borrowers with sufficient entitlement may be able to obtain VA financing with no down payment, subject to qualification, property value, and VA requirements.

VA loans do not use monthly private mortgage insurance in the same way many low down payment conventional loans do. A VA funding fee may apply unless the borrower qualifies for an exemption.

The VA funding fee is a one time fee that may apply to VA loans. The amount can vary based on factors such as loan type, down payment, and prior use of the benefit, and some borrowers are exempt.

VA purchase financing is intended for a home the eligible borrower will occupy as a primary residence. It is not designed for a non owner occupied investment property.

Eligible VA borrowers may have refinance options, including programs designed for rate and payment changes or other qualifying refinance goals.

USDA home loans are designed to support eligible borrowers purchasing qualifying homes in eligible rural and suburban areas, subject to income, property, occupancy, and program requirements.

Eligible USDA purchase loans may provide financing without a required down payment, subject to borrower and property eligibility and current program guidelines.

USDA programs include household income requirements that vary by location and household circumstances. Current limits should be reviewed for the property area.

The property must be located in an area USDA considers eligible. Many eligible locations are outside dense urban centers and can include some suburban communities.

USDA purchase financing is generally intended for eligible principal residences and is not designed for non owner occupied investment properties.

USDA borrowers may have refinance options depending on the existing loan, borrower eligibility, property, and current program requirements.

A jumbo loan generally refers to financing above the applicable conforming loan limit for the property location and unit count. Jumbo loans are non conforming and may have different underwriting requirements.

Down payment requirements vary by jumbo program, loan amount, property type, occupancy, credit profile, and financial strength.

Some jumbo programs may require borrowers to document reserves after closing. The amount varies based on the loan structure and borrower profile.

Eligible jumbo programs may be available for qualifying primary residences, second homes, and investment properties. Requirements vary by occupancy and program.

Yes. Eligible jumbo borrowers may have rate and term or cash out refinance options depending on the program and financial profile.

Down payment assistance can help eligible homebuyers with down payment and, in some programs, qualifying closing costs through grants, forgivable loans, deferred loans, or repayable second mortgages.

Not always. Some programs are limited to first time buyers, while others may be available to eligible repeat buyers. Program rules vary.

It depends on the program. Assistance may be structured as a grant, forgivable loan, deferred loan, or repayable second mortgage.

Many assistance programs have income, purchase price, location, occupancy, or other eligibility limits. Requirements vary by program.

Some assistance programs can be paired with eligible FHA, conventional, VA, USDA, or other first mortgages. The permitted combinations depend on the specific assistance program.

Some programs permit assistance funds to be applied toward eligible closing costs in addition to or instead of part of the down payment. Program rules determine permitted uses.

A Bank Statement loan is an alternative documentation mortgage that may allow eligible self employed borrowers to qualify using qualifying deposits shown on personal or business bank statements rather than relying solely on traditional tax return income calculations.

These programs are primarily designed for eligible self employed borrowers, business owners, entrepreneurs, and independent professionals whose bank deposit history may better reflect cash flow.

Program requirements vary, but common options may review 12 or 24 months of qualifying bank statements.

Certain Bank Statement programs may not require tax returns to calculate qualifying income. Other documentation is still required, and eligibility varies by program.

Eligible programs may offer financing for qualifying primary residences, second homes, or investment properties. Available occupancy options vary.

Eligible Bank Statement programs may offer purchase, rate and term refinance, and cash out refinance options depending on program requirements.

A 1099 loan is an alternative mortgage program that may allow eligible independent contractors, freelancers, consultants, and other non W-2 earners to qualify using documented 1099 income and supporting information.

Borrowers who receive most or all of their earnings through 1099 income and have consistent documented earnings may benefit from exploring this type of alternative documentation program.

Not necessarily. Certain eligible programs may calculate qualifying income from 1099 documentation rather than traditional tax return income, but documentation and underwriting requirements still apply.

Required history varies by program and borrower profile. Your loan officer can review your income history and determine which available programs may fit.

Eligible 1099 programs may be available for qualifying primary residences, second homes, and investment properties depending on the program.

Eligible programs may offer purchase and refinance options. Qualification and available refinance structures vary.

DSCR stands for Debt Service Coverage Ratio. In mortgage lending, it generally compares qualifying rental income from an investment property with the applicable monthly property expense used by the program.

A 1.00 DSCR generally means the qualifying rental income equals the applicable monthly property expense used in the calculation. Program requirements and calculation methods vary.

Many DSCR programs focus primarily on the investment property cash flow and may not require traditional personal income documentation or tax returns for qualification. Other underwriting requirements still apply.

No. DSCR financing is intended for eligible investment properties and is not designed for an owner occupied primary residence.

Some DSCR programs may permit qualifying short term rental properties, subject to property, rental income, appraisal, and program requirements.

Eligible DSCR programs may offer cash out refinance options for qualifying investment properties. Loan to value, seasoning, credit, property cash flow, and other requirements vary.

Homeowners may refinance to change the interest rate or term, restructure monthly payments, remove or change certain loan features, access equity when eligible, or meet another financial goal.

A rate and term refinance replaces an existing mortgage primarily to change the interest rate, loan term, or loan structure without taking substantial cash proceeds from available equity.

A cash out refinance replaces an existing mortgage with a new loan and may allow an eligible borrower to receive a portion of available home equity as cash, subject to program limits and qualification.

An appraisal may be required depending on the loan program, property, transaction, and available appraisal waiver or alternative valuation options.

Possibly. Some refinance programs have seasoning or ownership requirements, while others may permit earlier refinancing. The existing loan and refinance goal should be reviewed.

Refinancing generally involves closing costs and prepaid items. The amount depends on the new loan, property, location, third party services, and transaction structure.

Closing costs can include lender charges, appraisal or valuation costs, title and settlement services, recording fees, taxes, insurance related items, and other transaction expenses.

Cash to close is the amount a borrower must bring or transfer for closing after accounting for the down payment, closing costs, prepaid items, credits, deposits, and other transaction adjustments.

Seller contributions may be permitted under eligible loan programs, subject to program limits, transaction terms, property value, and permitted use requirements.

Prepaid items are amounts collected for expenses such as interest, homeowners insurance, property taxes, and initial escrow funding. They are separate from some lender and third party closing fees.

At closing, final loan and settlement documents are completed, required funds are delivered, applicable conditions are satisfied, and ownership and lien documents are handled according to the transaction and local requirements.

Your final amount is determined as the transaction approaches closing and required disclosures and settlement figures are finalized. Your loan and settlement teams can provide the current amount and wiring or payment instructions.

A Home Equity Line of Credit is a revolving credit line secured by eligible home equity. Borrowers can generally draw funds as needed during the applicable draw period, subject to the line terms.

A home equity loan is generally a second mortgage that provides eligible borrowers a lump sum secured by available home equity, with repayment terms established at closing.

A HELOC is generally a separate revolving lien secured by home equity, while a cash out refinance replaces the existing first mortgage with a new larger mortgage and provides eligible cash proceeds.

Required equity depends on the lender, combined loan to value limits, property type, occupancy, credit profile, and other program requirements.

Permitted uses depend on the HELOC terms, but homeowners commonly consider home improvements, major expenses, debt consolidation, education costs, or other financial needs.

Some lenders may offer home equity products on qualifying investment properties, but availability and requirements can differ substantially from owner occupied homes.