Frequently Asked Questions

There are several loan options, including conventional loans, FHA loans, VA loans, USDA loans, and jumbo loans. Each has different eligibility criteria, down payment requirements, and benefits depending on the borrower’s financial situation.

The amount varies depending on the loan type and lender. For example:

Conventional loans typically require 3–20% down.

FHA loans may require as little as 3.5%.

VA and USDA loans can offer 0% down payment options for qualified borrowers.

A fixed-rate mortgage keeps the same interest rate and payment for the life of the loan.

An adjustable-rate mortgage (ARM) starts with a lower initial rate that can change after a set period, depending on market rates.

Lenders consider your income, credit score, debt-to-income (DTI) ratio, and down payment to determine affordability. A general rule of thumb is to keep your total housing costs under 28–30% of your gross monthly income.

Your rate is influenced by:

Credit score

Loan type and term

Down payment amount

Market conditions

Debt-to-income ratio

PMI is required for most conventional loans with less than a 20% down payment. It protects the lender in case of default. Once your equity reaches 20%, PMI can typically be removed.

The process usually takes 30–45 days, depending on factors such as document submission, appraisal scheduling, and lender workload. Getting pre-approved can speed up the process when you’re ready to make an offer.