Can I apply for a loan before I find a property to purchase?

Yes, it is never too early to begin planning your financing needs. In fact getting started ahead of time will help at every step of the loan process. Benefits of being prepared include:

  • Know exactly how much you can afford during your property search
  • Quick prequalification letters to be competitive in the real estate market
  • Fully underwritten and approved loans before you sign a contract to purchase
  • Purchases and refinances can be daunting and stressful, being prepared helps lessen the challenges that may arise during any real estate and lending transaction.

What types of income can be used to qualify for mortgage loans?

The simple answer is income that is reported on your tax returns. This includes but is not limited to: self-employment income, commission, regular bonus pay, second job income, social security, and retirement income, rental income.

Can I use a gift from someone else for my down payment?

Yes! A family member can gift you down payment money. Usually, lenders will require a gift letter and at times source of funds statements and that is all, simple!

Can I borrow funds to use towards my down payment?

Yes, there are a variety of down payment options that allow for down payments as low 3.5% of the purchase price. There are low down payment programs for primary residences, investment purchases fixed and adjustable rate mortgages.

Will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?

It is all about timing and circumstances, having bankruptcy or foreclosure does not mean you cannot get a loan

What if my credit score is low, or I have bad credit, can I still get a loan?

Yes, there are loans designed for people who have little to no credit history and low FICO scores. Many people who think they have bad credit are often surprised to learn their scores have improved. There are also multiple resources to repair credit if needed, and we are happy to assist in accessing these resources.

What is a credit score and how does it affect my application?

A credit score is a numerical expression based on a level analysis of a person’s creditworthiness of that person. Your credit score is your FICO score, which is actually 3 scores one from each of the credit reporting bureaus, Transunion, Equifax, and Experian.