Question 1

How much down payment do I need?

Accepted Answer

Some buyers may qualify with low down payment options such as 3%, 3.5%, or zero down for eligible VA or USDA borrowers. The right program depends on credit, income, property type and eligibility.

Question 2

What credit score is needed for FHA?

Accepted Answer

FHA guidelines can be more flexible than many conventional programs, but approval depends on the full file including income, debts, assets and credit history.

Question 3

How long does mortgage approval take?

Accepted Answer

Timelines vary by file, property, documentation and underwriting. A strong pre-approval before shopping can help the process move faster.

Question 4

Can I buy a home with student loans?

Accepted Answer

Yes, many buyers purchase homes with student loans. The payment counted in qualifying depends on the loan program and documentation.

Question 5

How much house can I afford?

Accepted Answer

Affordability depends on income, debts, down payment, rate, taxes, insurance, HOA dues and comfort level. A pre-approval gives you a clearer target.

Question 6

Can I buy with 3% down?

Accepted Answer

Some conventional first-time buyer programs may allow as little as 3% down for eligible borrowers.

Question 7

What are closing costs?

Accepted Answer

Closing costs can include lender fees, title fees, escrow setup, prepaid taxes, prepaid insurance and other third-party costs.

Question 8

What is PMI?

Accepted Answer

Private mortgage insurance is often required on conventional loans with less than 20% down. It protects the lender and can sometimes be removed later.

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