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Frequently Asked Questions

Do I need great credit to get a mortgage?

The short answer is no, you don’t need “great” credit in order to secure a mortgage. At the same time, the higher your credit score the lower your interest rate will be.

We provide true credit approvals with scores as low as 580 for FHA and as low as 620 for conventional.

How much of a down payment do I need?

This depends on the program you choose and qualify for. Take your desired purchase price x the program percentage. Example: $200,000 purchase price x 3.5% = $7,000 down payment.

  • Conventional loans as low as 3% down
  • FHA loans as low as 3.5% down
  • USDA loans as low as 0% down
  • VA loans as low as 0% down

What are closing costs, and how much should I expect them to be?

Closing costs are the costs associated with your loan. This can include origination fees, title insurance, prepaid escrows and more.

Typically, your closing costs are broken down into two types of closing costs.

  • Actual closing costs – with an average cost between $2700 to $4000
  • Prepaid closing costs – these include your full year of insurance, your escrow set up for taxes and insurance, and prepaid interest.

How is my mortgage payment determined?

We call this PITI (meaning below):

  • Principal: Repayment of your outstanding balance
  • Interest: The interest paid on your loan amount. Your interest rate creates this portion of the payment.
  • Taxes: One month of your annual taxes. Example, annual taxes of $1,200 equals $100 per month
  • Insurance: One month of your annual homeowner’s insurance cost.

*you will also have Mortgage Insurance (MI or PMI) if you have less than 20% equity in your property or you use an FHA loan for your mortgage.

Will my monthly payment change during the loan term?

If you have a fixed rate mortgage your principle and interest portion of your mortgage will not change but your taxes and possibly your homeowner’s insurance can change annually.

Who determines my taxes?

Your taxes are determined by your county.