FAQs

Pre-qualification gives a rough estimate of what you can afford. Pre-approval involves verifying your finances and gives you a stronger buying position.

With larger down payments (10–20%)—often available through conventional loans—equity builds faster. FHA and other low-down-payment mortgages may take 5–10 years to break even due to initial costs and slower equity growth.

Yes—such as Flooded areas: FHA, USDA, state/local down-payment assistance, Mortgage Credit Certificates (tax credit), and VA grants for eligible buyers

Once pre-approved and you’ve found a home, ask your advisor about rate-lock timing to protect against market fluctuations—locks typically cover 30–60 days.

Typically 2–6% of loan value: includes appraisal, title, attorney fees, mortgage processing, insurance, taxes, prorated HOA, and prepaid interest

Typically 2–6% of loan value: includes appraisal, title, attorney fees, mortgage processing, insurance, taxes, prorated HOA, and prepaid interest

Typically: SSN/ID, 2 months’ pay stubs, 2 years of W-2s/tax returns, 2–3 months’ bank statements, proof of assets, and sales contract (if available).

• Conventional: ~620+
• FHA: as low as 500–580 (with larger down payment)

You need at least 5% down for homes up to $500,000. For homes over that, you pay 10% on the amount above $500,000.

First-time buyers can choose from:

• FHA loans (≈3.5% down, flexible credit)

• Conventional low-down-payment loans (e.g., Conventional 97 with 3% Down)

• VA & USDA loans (0% down for veterans or rural buyers)