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Frequently Asked Questions

Am I required to put 20% down in order to purchase a home?

Although there are advantages to putting 20% down, we offer programs that allow you to put as little as 3% down toward the purchase of your new home.

Will applying for a mortgage negatively affect my credit score?

All credit inquiries have some impact to an extent; however, mortgage credit pulls are the least intrusive of all credit inquiries having the least impact on your overall credit score. That being said, if you have recently had your credit pulled by a mortgage company, you have a 30-day window that will allow for as many credit pulls as necessary to shop for the best mortgage possible.


Do you offer any first-time home buyer programs?

Absolutely! We offer several first-time home buyer programs through Freddie Mac and Fannie Mae. Speak with one of our experienced Loan Officers to find out which one best works for you.

Not necessarily. When applying for a loan with a coborrower, the credit score used will be the borrower with the lowest middle score reported by the three credit bureaus.

What is Mortgage Insurance and will I need it?

Mortgage Insurance is a policy that protects the lender in case of mortgage default. The need for Mortgage Insurance arises if you put less then 20% down on a conventional loan. However, Mortgage Insurance it will automatically be removed from your monthly payment once you’ve built up enough equity in your home.

What happens if my home does not appraise for the agreed upon purchase amount?

You have several options when your home does not appraise. Since guidelines prevent lending more than what the home is worth, you can either lower you loan amount (and bring the difference to closing), have the seller lower the sales price to the appraised amount, or meet somewhere in the middle.

What documents do I need to provide in order to be approved?

Every loan scenario is different, but we will always need to confirm your identity, prove your income and document your assets needed to purchase the home. Most Loan Officers will ask for ID, Paystubs, Tax Returns, and 2 months’ worth of bank statements to get the ball rolling.

Should I use a Realtor?

When dealing with one of the largest purchases that you will ever make, we recommend finding a realtor to help navigate the ins and outs of a home purchase. If you don’t currently have a Realtor, we’re more than happy to refer you to a proven real estate professional in your area.

If my credit isn’t perfect, can I still qualify for a loan?

Yes, we have programs specifically designed to help home buyers purchase a home who have less than perfect credit.

If I recently changed jobs, do I still qualify to purchase a home?

Absolutely, as long as you don’t have a gap of more than 6 months of unemployment and you can document a 2-year work history, you can qualify to purchase a home.

I recently started a job as an independent contractor (1099), do I qualify to purchase a home?

As an independent contractor or if you receive self-employment income, you must have a 2-year consecutive history from that specific source to use that income to qualify for a home purchase.

I’ve been withdrawing cash from each paycheck for the purposes of buying a home. 

Can I use these funds as my down payment?

Underwriter’s frown upon so called “mattress money” or large cash deposits into your account. We highly recommend depositing any cash into a separate savings account and seasoning it for at least 2 months prior to deciding to shop for a home.