Question 1

What credit score do I need to get a mortgage?

Accepted Answer

Credit score requirements vary by loan program. Generally: VA loans have no official minimum (lender standards vary); FHA loans typically require 580+ for maximum financing; conventional loans generally want 620+; jumbo loans usually require 700+. A higher credit score typically unlocks a lower interest rate, which can save thousands over the life of your loan. If your score is not where you would like it, a loan officer can often suggest steps to improve it before you apply.

Question 2

How much down payment do I need to buy a house?

Accepted Answer

Probably less than you think. VA loans and USDA loans both offer 0% down payment for eligible borrowers. FHA loans require as little as 3.5% down. Conventional loans can go as low as 3% down with programs like HomeReady and Home Possible. A larger down payment generally means a lower rate and no mortgage insurance, but it is not always necessary. Down payment assistance programs may also be available in your area.

Question 3

How much house can I afford?

Accepted Answer

A common guideline is that your total monthly debt payments, including your new mortgage, should be no more than 43% of your gross monthly income (your debt-to-income ratio, or DTI). But the real answer depends on your income, debts, credit score, down payment, and the programs you qualify for. The fastest way to get a real number is to use our affordability calculator or talk to a loan officer.

Question 4

What's the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is a quick, informal estimate of what you might borrow, usually based on self-reported income and credit, with no formal verification. Pre-approval is a more thorough review where a lender verifies your income, credit, and assets, then issues a formal letter stating how much they'll lend. Pre-approval carries more weight with sellers and gives you a clearer picture of your buying power. It's the step that turns you from a browser into a serious buyer.

Question 5

How long does the mortgage process take?

Accepted Answer

From application to closing, most purchase mortgages close in 30–45 days. Getting pre-approved typically takes 1–3 business days with complete documentation. Specialty programs like bank statement or DSCR loans often run on similar timelines, typically around 30 days when documentation is organized and responsive. Your loan officer will walk you through key milestones and keep you updated throughout the process.

Question 6

What documents do I need to apply for a mortgage?

Accepted Answer

For most borrowers: government-issued ID, recent pay stubs (last 30 days), W-2s from the last 2 years, federal tax returns (last 2 years), and bank statements (last 2 months). For self-employed borrowers: bank statements typically substitute for W-2s and tax returns. For VA loans: Certificate of Eligibility plus standard documents. Your loan officer will give you a complete document checklist specific to your situation.

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