Frequently Asked Questions

A conforming loan meets the loan limits and guidelines set by Fannie Mae and Freddie Mac, while a jumbo loan exceeds those limits. Jumbo loans are often used for higher-priced homes and may have different qualification requirements, including stronger credit and larger cash reserves.

An FHA loan is backed by the Federal Housing Administration and is often a good option for buyers with lower down payments or less-than-perfect credit. A conventional loan is not government-backed and may offer more flexibility and lower long-term costs for borrowers with stronger credit profiles.

VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses. These loans can offer major benefits such as no down payment requirements in many cases, competitive interest rates, and no private mortgage insurance.

Non-QM stands for non-qualified mortgage, which is a loan designed for borrowers who may not fit traditional lending guidelines. These loans can be helpful for self-employed borrowers, real estate investors, or those with unique income situations who still have the ability to repay.

The down payment amount depends on the type of loan you choose, your credit profile, and the property you are buying. Some loan programs allow for a much lower down payment than many buyers expect, which is why it is helpful to speak with a mortgage professional about your specific options.

The minimum credit score needed can vary depending on the loan program and lender guidelines. In general, a higher credit score can improve your chances of approval and help you secure better loan terms and interest rates.

The mortgage process can vary depending on the loan type, documentation, and transaction details, but many loans close within about 30 days. Working with an experienced lender and providing documents quickly can help keep everything moving smoothly.

A mortgage pre-approval is a review of your financial information that helps determine how much you may be able to borrow. It is important because it gives you a clearer budget, strengthens your offer when buying a home, and helps you shop with more confidence.

Yes, self-employed borrowers can absolutely qualify for a mortgage, though the documentation requirements may be different than they are for salaried employees. In some cases, conventional or Non-QM loan options may provide flexible solutions based on your income structure and overall financial picture.

Refinancing may make sense if you want to lower your interest rate, reduce your monthly payment, change your loan term, or access equity through a cash-out refinance. The right answer depends on your current loan, your long-term goals, and how long you plan to stay in the home.