FREQUENTLY ASKED MORTGAGE QUESTIONS
Get answers to the most common mortgage questions from Barry Smith and Las Vegas Mortgage Pros.
Thank you for reading this post, don't forget to subscribe!GENERAL MORTGAGE QUESTIONS
Q: What credit score do I need for a mortgage?
A: Minimum scores vary: FHA (580), Conventional (620), VA (No minimum), USDA (640). Higher scores get better rates.
Q: How much can I borrow?
A: Generally 28% of gross income for housing, 36% total debt-to-income ratio. We'll calculate your specific limits.
Q: What's the minimum down payment?
A: VA loans: 0%, USDA: 0%, FHA: 3.5%, Conventional: 3-5%, Jumbo: 10-20%.
Q: How long does the process take?
A: Pre-approval: Same day. Full approval and closing: 21-30 days average.
LOAN TYPES
Q: What's the difference between FHA and Conventional loans?
A: FHA: Lower credit scores, 3.5% down, PMI required. Conventional: Higher credit, 3% down, PMI removable.
Q: Who qualifies for VA loans?
A: Military veterans, active duty, reserves, National Guard, surviving spouses with eligibility.
Q: What are USDA loans?
A: Zero-down loans for rural and suburban areas. Income limits apply.
Q: When do I need a Jumbo loan?
A: When loan amount exceeds $766,550 (2024 Las Vegas limit).
PROCESS & ELIGIBILITY
Q: What documents do I need?
A: Pay stubs, tax returns, bank statements, W-2s, employment verification, identification.
Q: Can I buy with bad credit?
A: Yes! We have programs for credit scores as low as 500 with specialized lenders.
Q: What if I'm self-employed?
A: Bank statement loans, asset-based programs, and other non-QM options available.
Q: Can I buy if I have student loans?
A: Yes. We calculate payments correctly and have specialized programs.
REFINANCING
Q: When should I refinance?
A: When rates drop 0.5-1%, you want to remove PMI, or need cash out for improvements.
Q: What's a cash-out refinance?
A: Replace your current mortgage with a larger one and receive the difference in cash.
Q: Can I refinance with no equity?
A: HARP and other programs may allow underwater refinancing.
RATES & COSTS
Q: How are interest rates determined?
A: Credit score, down payment, loan type, market conditions, and loan amount.
Q: Should I buy points?
A: If staying in the home 5+ years and can afford upfront cost.
Q: What are closing costs?
A: Typically 2-3% of loan amount. Includes appraisal, title, lender fees.
Q: Can seller pay closing costs?
A: Yes, up to certain limits based on loan type.
SPECIAL SITUATIONS
Q: Can I buy with a recent bankruptcy?
A: Yes. FHA: 2 years after Chapter 7, Conventional: 4 years.
Q: What if I have collections?
A: Many can remain unpaid. We'll advise which to pay off.
Q: Can I use gift money for down payment?
A: Yes, with proper gift letter documentation.
Q: What about divorce situations?
A: We handle complex scenarios including court orders and property transfers.
CONTACT FOR MORE QUESTIONS
Didn't find your answer? Contact Barry Smith:
📞 (702) 555-0123
📧 [email protected]
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