Frequently Asked Questions
Quick answers to the questions we hear most from buyers, homeowners, and investors.
How do I get pre-approved for a mortgage?
Start your application online or contact a Mortgage Pro loan officer. We review your income, assets, credit, and debts, then issue a verified pre-approval letter — typically within 24 hours — that you can use when making offers.
What credit score do I need to buy a home?
Most conventional loans require a 620 minimum, FHA loans accept scores as low as 580 (and sometimes 500 with 10% down), and VA loans have no fixed minimum although most lenders look for 580+. Higher scores generally unlock better rates.
How much down payment do I need?
Conventional loans can go as low as 3% down, FHA loans 3.5%, and VA and USDA loans allow 0% down for eligible borrowers. Down Payment Assistance and Florida Hometown Heroes programs can further reduce out-of-pocket costs.
What is the difference between FHA, VA, and Conventional loans?
Conventional loans are not government-backed and usually offer the best terms for strong credit. FHA loans are insured by the FHA and have flexible credit and down-payment rules. VA loans are guaranteed by the VA for eligible veterans and active-duty service members and require no down payment or monthly mortgage insurance.
When does it make sense to refinance?
Refinancing can make sense when rates drop, when you want to switch from an ARM to a fixed rate, to remove mortgage insurance, to shorten your term, or to tap equity with a cash-out refinance. We will run the break-even math with you before you commit.
How long does it take to close on a home loan?
Most purchase loans close in 21–30 days and refinances in 30–45 days. Complex files (self-employed, investment, jumbo, commercial) can take longer; we will give you a realistic timeline up front.
What documents do I need to apply?
Plan to provide two years of W-2s or tax returns, recent pay stubs, two months of bank statements, a photo ID, and details on any other real estate or debts. Self-employed borrowers should also have profit-and-loss statements and business returns ready.
Are mortgage rates locked in when I apply?
Not automatically. You can lock your rate any time after pre-approval, typically for 30, 45, or 60 days. Your loan officer will help you decide when to lock based on market conditions and your closing date.