Frequently Asked Questions
Getting Started
How do i know if I'm ready to buy a home?
You're likely ready if you:
Have a stable income and employment
Plan to stay in the area for at least 3-5 years
Have saved for a down payment (or can access assistance programs)
Have credit scores of 580 or higher
Are comfortable with the responsibilities of homeownership
How much home can i afford?
A general rule: your monthly housing payment shouldn't exceed 28% of your gross monthly income. Use our mortgage calculator to get a personalized estimate, then schedule a consultation for an exact pre-approval amount.
What's the difference between pre-qualification and pre-approval?
Pre-qualification: Quick estimate based on unverified information you provide.
Pre-approval: In-depth analysis with verified documents, making you a serious buyer with a specific loan amount.
Always get pre-approved before house hunting!
Down Payments & Costs
How much do i need for a down payment?
It depends on the loan type:
FHA: 3.5%
Conventional: 3-5% (first-time buyers)
VA: 0% (veterans)
USDA:0% (eligible rural areas)
For a $350,000 home, that's as little as $0-$12,500.
What are closing costs and how much are they?
Closing costs include lender fees, title insurance, escrow, appraisal, and other expenses. They typically range from 2-5% of the purchase price ($7,000-$17,500 on a $350,000 home).
You can reduce these through:
Seller concessions (up to 6% with FHA)
Lender Credits
Shopping around for services
Can i use gift money for my down payment?
Yes! FHA, VA, and Conventional loans all allow gift funds from family members. We'll need a gift letter stating the money is a gift, not a loan.
What is down payment assistance and do i qualify?
Down payment assistance (DPA) programs provide grants or low-interest loans to help with down payments and closing costs. California offers several programs providing $10,000-$30,000 in assistance.
You may qualify if:
You're a first-time homebuyer (or haven't owned in 3 years)
Meet income limits (typically 100-120% of area median income)
Purchase a home in California
Complete homebuyer education
I help clients access these programs daily—let's see which ones you qualify for!
Credit & Qualification
What credit score do i need to buy a home?
FHA: 580 minimum (500-579 with 10% down)
Conventional: 620 minimum
VA: No minimum, but typically 620+
USDA: 640 recommended
What if my credit score is low?
If your score is below 580, lets work on improving it before applying. I can provide guidance on:
Paying down credit card balances
Disputing errors on your credit report
Strategic ways to boos your score quickly
In 3-6 months, we can often increase scores by 30-50 points!
What if my credit score is low?
If your score is below 580, lets work on improving it before applying. I can provide guidance on:
Paying down credit card balances
Disputing errors on your credit report
Strategic ways to boos your score quickly
In 3-6 months, we can often increase scores by 30-50 points!
What debt-to-income ratio do i need?
Most loan programs accept up to 43-45% DTI, though higher may be possible with compensating factors.
Loan Programs
What's the difference between FHA and Conventional loans?
FHA Loans:
3.5% down minimum
Credit scores as low as 580
Mortgage insurance for life of loan (with less than 10% down)
More flexible qualification
Lower loan limits
Conventional Loans:
3-5% down for first-time buyers
620 minimum credit score
PMI drops off at 20% equity
Stricter qualification
Higher loan limits
Best choice depends on your situation—I'll help you decide!
Should I get a 15-year or 30 year mortgage?
30-Year:
Lower monthly payments
More flexibility in your budget
More interest paid over time
Better for first-time buyers
15-Year
Higher monthly payments
Pay off your home faster
Significantly less interest paid
Better for those who can afford higher payments
Most first-time buyers choose 30-year for the lower payment and flexibility.
What is PMI and how can i avoid it?
Private Mortgage Insurance (PMI) protects the lender if you default. It's required on conventional loans with less than 20% down.
Cost: Typically $30-$70 per month for every $100,000 borrowed
Avoid PMI by:
Putting 20% down
Using a VA loan (if eligible)
Choosing an FHA loan (has MIP instead, but different rules)
Piggyback loan (80-10-10)
Good news: PMI automatically drops off conventional loans once you hit 20% equity!
The Process
How long does it take to buy a home?
Typical timeline:
Pre-approval: 24-48 hours
House hunting: 2-8 weeks
Under contract to closing 30-45 days
My average closing time: 21 days
What documents do i need?
For Employment/Income:
2 years W-2s or tax returns (if self-employed)
30 days of pay stubs
Verification of employment
For Assets:
2 months of bank statements (all pages)
Statements for retirement accounts
Proof of any other assets
Personal:
Photo ID
Social Security Card
What happens during underwriting?
The underwriter reviews your complete financial picture:
Verifies your income and employment
Reviews your credit payment history
Ensures the property meets lending standards
Confirms you meet all loan requirements
They may request additional documentation—this is normal! I'll help you respond quickly to any conditions.
How often will you update me?
I believe in over- communication. You'll hear from me:
Immediately after major milestones
At least weekly with status updates
Immediately if any issues arise
Before you even think to ask!
My goal: You never wonder where things stand.
Property & Appraisal
Do I need a home inspection?
While not legally required, I strongly recommend it. A $400-4600 Inspection can save you thousands by identifying:
Structural issues
Roof problems
Electrical or plumbing concerns
Pest infestations
Safety hazards
Never skip the inspection!
What if the appraisal comes in low?
If the appraisal is below the purchase price, you have several options:
Renegotiate the price with the seller
Pay the difference in cash
Meet somewhere in the middle
Walk away using your appraisal contingency
I review comparable sales before you make offers to minimize risk.
Can I buy a fixer-upper?
Yes, but the property must meet minimum property standards for FHA and VA loans. Significant issues may require and FHA 203(k) renovation loan, which allows you to finance repairs into the mortgage.
Property & Appraisal
When is my first payment due?
Your first payment is typically due on the first of the month, about 30-45 days after closing. For example, if you close on January 15th, your first payment would be due March 1st.
Can I pay off my loan early?
Yes! Most mortgages today have no prepayment penalties. You can:
Make extra principal payments
Make bi-weekly payments
Pay off the entire loan early
Even the small extra payments can save thousands in interest!!
Can I pay off my loan early?
Yes! Most mortgages today have no prepayment penalties. You can:
Make extra principal payments
Make bi-weekly payments
Pay off the entire loan early
Even the small extra payments can save thousands in interest!!
Working with Marcus
Where do you serve?
I'm based in Fresno and serve clients throughout California. Most of the process can be completed online or over the phone, though I'm happy to meet in person if you're local.
How do i get started?
Three easy ways:
Call/Text: (559) 799-3813
Email: [email protected]
I typically respond within 1 hour during business hours!
Can you help me even if I'm not ready to buy right now?
Absolutely! I offer free consultations to discuss:
Credit improvement strategies
Savings goals and timelines
Market education
Loan program options
Qualification requirements
Even if you're 6-12 months away from buying, let's connect now so you're ready when the time comes!
What makes you different from other loan officers?
Specialist focus: I specialize in first-time homebuyers—this is my passion
Communication: I over-communicate so you're never left wondering
Speed: 24-48 hour pre-approvals, 21-day average closing
Education: I take time to explain everything clearly
Local expertise: Deep knowledge of Fresno market and local programs
Relationships: Strong partnerships with realtors, title companies, and vendors
Still have questions? Let's talk!
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