F.A.Q. FOR BUYERS
1. Do I need to be pre-approved before I start house hunting?
Yes, getting pre-approved helps you understand your budget and shows sellers that you’re a serious buyer.
2. How much money do I need for a down payment?
It depends on the loan type. Some programs allow as little as 3% down, and there are even options with zero down for qualified buyers.
3. How long does the home buying process take?
Typically 30–45 days from the time an offer is accepted, but this can vary depending on the situation.
4. What’s the difference between being pre-qualified and pre-approved?
Pre-qualification is a quick estimate; pre-approval is a more thorough process that gives you a stronger buying position.
5. What are closing costs, and how much are they?
Closing costs include lender fees, title insurance, taxes, and more—usually around 2–5% of the purchase price.
F.A.Q. What Do I Need to Get Pre-Approved for a Mortgage?
1. What documents do I need for pre-approval?
You’ll need:
-Valid ID (driver’s license or passport)
-Last 30 days of pay stubs
-W-2s from the last 2 years
-Full tax returns (especially if self-employed)
-Bank statements from the past 2 months
-Documentation of any additional income (child support, government benefits, etc.)
-Social Security Number (SSN)
-Work history for the past 2 years
2. Will they pull my credit?
Yes, the lender will check your credit report as part of the pre-approval process.
3. What credit score do I need?
It depends on the loan type:
-FHA: As low as 580 (or 500 with a larger down payment)
-Conventional: Usually 620 or higher
-USDA / VA: Varies, but many accept from 580–620
4. Can I get pre-approved if I’m self-employed?
Yes. You’ll need your last 2 years of tax returns, bank statements, and possibly a profit and loss statement.
5. What if I don’t have credit history?
Some lenders may accept alternative credit history, such as rent payments, utility bills, or car insurance payments.
