Home Purchase FAQ's

We would love to speak with you to answer your questions more thoroughly. 

Find answers to some of the most common questions asked when purchasing a home.

Minimum down payment amounts vary depending on the type of loan. For instance, FHA loans have a low down payment requirement of only 3.5%. With a conventional loan, borrowers will need to put down at least 5% or at least 20% to avoid paying private mortgage insurance. VA or USDA loans have no down payment options.

Traditional loans usually require a minimum credit score of at least 620. However, offers solutions to meet the needs of nearly any borrower, including those with low credit scores. Our SOS Loan Non-QM program accepts borrowers with credit scores as low as 500! If you’ve been turned down by other lenders due to a low credit score, we may be able to help! Contact us today to learn more about our SOS Loan Non-QM programs.

You should get pre-approved when you begin serious house hunting and have thoroughly reviewed your credit reports and score.

It can be difficult for self-employed borrowers to qualify for a loan due to their inability to prove income. However, our SOS loan is the perfect solution for self-employed homebuyers! No tax returns are needed to qualify and borrowers can use personal or business bank statements to verify income.

With a pre-qualification, you are getting an estimate of how big of a mortgage you can afford. Also, a good rule of thumb is that your debt payments (including your mortgage) should be no more than 36% of your income.

Typically, the documents you need to provide include your tax returns, proof of income, assets, debts, and other records. You’ll need to provide your last two years of state and federal tax returns. If you are a W-2 earner then you’ll need to provide copies of your W-2’s, your last two payroll stubs, and possibly your most recent end-of-year payroll stub. For your assets, you’ll most likely need to provide the last 60 days of statements for every account that you are using to qualify. You also need retirement and brokerage documents such as two months of IRA statements, CDs, investment accounts, and the last quarterly 401(k) statement.

A full list of the most common documents needed can be downloaded here. Keep in mind, requirements vary depending on the type of loan.

Typically, the documents you need to provide include your tax returns, proof of income, assets, debts, and other records. You’ll need to provide your last two years of state and federal tax returns. If you are a W-2 earner then you’ll need to provide copies of your W-2’s, your last two payroll stubs, and possibly your most recent end-of-year payroll stub. For your assets, you’ll most likely need to provide the last 60 days of statements for every account that you are using to qualify. You also need retirement and brokerage documents such as two months of IRA statements, CDs, investment accounts, and the last quarterly 401(k) statement.

A full list of the most common documents needed can be downloaded here. Keep in mind, requirements vary depending on the type of loan.

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