What credit score do I need to buy a house?
While conventional loans typically require a score of 620 or higher, FHA loans can be approved with scores as low as 580 (or even 500 with a larger down payment). We offer various programs tailored to different credit profiles.
How much down payment do I actually need?
You don't always need 20% down! FHA loans require as little as 3.5% down, and some conventional programs require only 3%. VA and USDA loans even offer 0% down options for eligible borrowers. There are also down payment assistance programs available.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate of how much you can borrow based on unverified information you provide. Pre-approval is a firm commitment from a lender based on verified financial documents (W-2s, bank statements, credit check), making your offer much stronger to sellers.
How long does the mortgage process take?
On average, it takes 30 to 45 days from application to closing. However, being pre-approved and promptly providing all requested documentation can significantly speed up the process.
What are closing costs and who pays them?
Closing costs are fees associated with finalizing your loan (appraisal, title search, loan origination, etc.), typically ranging from 2% to 5% of the loan amount. Generally, the buyer pays them, but you can sometimes negotiate for the seller to cover a portion.