Frequently Asked Questions

I am Randy Mathis, Executive Branch Manager at Lumin Lending Inc. and a mortgage broker who does all types of loans. I am based in Southern California and licensed in 15 states. My NMLS number is 1516760 and my California DRE number is 02236644. My approach is simple: knowledge is power, so I want you to understand exactly what you are signing and why. Read more about me.

Lumin Lending Inc. (NMLS 2716106, California DRE 02291443) is the licensed mortgage company I work through as Executive Branch Manager. Its office is at 18201 Von Karman Ave, Suite 800, Irvine, California, and I am sponsored under its company license in each of the 15 states where I originate loans. The licensing page lists the license type Lumin Lending Inc. holds in each state.

Mathis Mortgage is the name of my website. The licensed company behind every loan I originate is Lumin Lending Inc., NMLS 2716106, and I am the loan officer, Randy Mathis, NMLS 1516760. You can confirm both numbers on NMLS Consumer Access, the public licensing database, and my licensing page links to both records.

I am a mortgage broker. Instead of offering one bank's products, I shop your loan across 100+ lenders and match your scenario to the lender whose guidelines fit it. That is how one broker can handle everything from conventional and FHA loans to bank statement, DSCR, and hard money financing. See the loan programs I work with.

Lenders do not all use the same guidelines, so I start with your goal, how your income is documented, your credit, and the property, then compare the lenders whose programs fit that scenario. With 100+ lenders to work with, I am looking for the loan that actually fits your situation, not the one that is easiest for me to close, and I will explain why I recommend it.

No. I am based in Irvine, California, but I am licensed in 15 states: Alabama, Arizona, California, Colorado, Florida, Idaho, Maryland, Michigan, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington. If the property is in one of those states, I can help wherever you live, because you can apply online and meet with me by phone. The state pages cover programs and licensing details for each state.

I can only originate loans on properties in the states where I am licensed, so I cannot take that loan myself. If you are in that situation, leave your details through the contact form and I will personally refer you to a trusted broker who can help. I receive nothing for the referral, and no application is submitted when you do that. The licensing page shows exactly where I am licensed.

Look me up on NMLS Consumer Access (nmlsconsumeraccess.org), the public licensing database: search NMLS 1516760 for me, Randy Mathis, and NMLS 2716106 for Lumin Lending Inc. My licensing page links to both records and lists the license type held in each state. California borrowers can also check my DRE license, 02236644.

I am a mortgage broker who does all types of loans. The loan programs I offer are HELOC / HELOAN, Cash out, Reduce rate / term, Conventional, VA, FHA, Non-QM, DSCR / Investor loans, Reverse, HEA / HEI, Hard money, and Commercial. Not sure which fits? That is what the first call is for.

Yes. Self-employed borrowers have more options than most people expect. Besides the standard tax-return approach, I have access to bank statement loans that qualify you on your deposits, P&L-only programs, 1099-only programs for independent contractors, and asset-based qualification. Which one fits depends on how your income shows up on paper. See the self-employed mortgage guide.

It is worth a call. Lenders use different guidelines, so a no from one lender is not a no from all of them. I have options that start at a 500 credit score and Non-QM programs for non-traditional income, and I have resubmitted a denied loan to the same lender and gotten it funded. I cannot promise an approval, but tell me why you were turned down and I will tell you honestly whether I see a path.

Yes. For investors I arrange DSCR loans that qualify on the property's rental income, hard money, bridge, and fix-and-flip financing for investment properties, and commercial loans including SBA programs. Programs, documentation, and timelines vary by lender and by deal, so send me the property and your plan and I will match it to the lenders whose guidelines fit.

It depends on your documentation, and there may be more paths than you expect. The Non-QM programs I have access to include foreign national loans and ITIN loans for borrowers without a Social Security number, and requirements vary by program and lender. Tell me your residency status and how your income is documented, and I will tell you which programs you can apply for.

Yes. A home equity investment is not a loan: a provider gives you cash now in exchange for a share of your home's future value, with no monthly payments and typically no income or DTI requirement, and options start at a 500 credit score. The trade-off is real, because the provider's share can cost more than loan interest when home values rise fast. Providers cover many of the states I serve and that changes often, so I will check yours.

It is a digital HELOC I offer through Lumin Lending Inc. You apply online, verify your income digitally, and close with an eNotary, and qualifying borrowers and properties can be funded in as few as 5 business days after you accept your offer on select digital programs, with no appraisal needed in most cases. Credit scores start at 600 on a primary residence on select programs, with smaller lines and lower CLTV below 680 (680 for second homes and investment properties), and lines run from $25,000 to $750,000, with the largest lines needing 700+ credit. It lets you use your equity while your existing first mortgage stays in place. See the 5-Day HELOC page or ask me whether you qualify.

Yes. First-time buyers are exactly who "knowledge is power" is for: I explain pre-approval, the programs that fit your situation, and what happens at each step through closing, so nothing catches you off guard. Depending on the program and your location, down payment assistance may also be available. Start with the first-time homebuyer page or schedule a call.

There are three ways. You can apply online through my loan application, schedule a call on my calendar, or call or text (949) 990-6030. My office hours are Monday through Friday, 8:00 AM to 5:00 PM Pacific time, and weekends are available by appointment. If you are not ready to apply, start with the call: we will talk through your goal and your options first, and you can apply when it makes sense for you.

We talk about what you are trying to do, whether that is buying, refinancing, using your equity, or financing an investment, and I ask about your income, credit, and the property. Then I run scenarios and explain which programs fit and why. Consultations are always at no cost with no obligation, and if a deal does not make sense for you, I will tell you.

Talking with me costs nothing and carries no obligation. Once you apply, every cost of your loan is itemized on your Loan Estimate, which your lender must provide within three business days of your application. I always provide a detailed breakdown early in the process so there are no surprises, and I walk you through it so you can compare it with any other offer you have.

Because an advertised rate often is not the rate you would get. Your actual rate depends on your credit, the property, the loan amount, the program, and the market on the day you lock, so I quote rates personally, for your scenario, instead of posting numbers on a website. Ask me for a quote and I will lay your options out side by side so you can compare them.

I do the math. For every refinance I price the options side by side: paying your own closing costs, taking a lender credit, or rolling the costs into the loan. Then I compare them against how long you expect to keep the loan, including the break-even point. If the numbers do not work for your timeline, I will tell you. The refinance calculator shows the break-even math, and my guide on refinancing in 2026 walks through the rest.

No, and be cautious of anyone who does. Approval depends on your credit, income, assets, and the property, and the lender's underwriter makes the final decision. What I can do is review your full picture up front, match you with the lenders whose guidelines fit it, and tell you honestly about any weak spots before you apply, so there are fewer surprises in underwriting.

My reviews are collected by Experience.com, a third-party review platform, and I do not pick which ones appear. When a loan funds, I ask that client for an honest review, not only the clients I expect to be happy; the only exception is a client who has asked me not to. No client is ever compensated for a review or a testimonial, in any form. Read the reviews.

Most purchase loans close in 21 to 45 days depending on the loan type, property, and how quickly documents come in. Refinances can sometimes move faster. The biggest factor in closing speed is how prepared you are with your paperwork up front.

For most loan programs, you will need recent pay stubs, W-2s or tax returns from the last two years, two months of bank statements, a valid government-issued ID, and information about any debts you owe. Self-employed borrowers have alternative documentation options like bank statements or profit and loss statements. See our self-employed mortgage guide for details.

I offer a full range of mortgage products. The loan programs I offer are HELOC / HELOAN, Cash out, Reduce rate / term, Conventional, VA, FHA, Non-QM, DSCR / Investor loans, Reverse, HEA / HEI, Hard money, and Commercial. If you are not sure which program fits, that is exactly what I am here to help with.

A fixed-rate mortgage locks in your interest rate for the entire loan term, so your principal and interest payment never changes. An adjustable-rate mortgage (ARM) starts with a lower rate for an initial period (usually 5, 7, or 10 years), then adjusts periodically based on market conditions. Fixed rates provide stability, while ARMs can save money in the short term.

There is no fixed minimum credit score for a conventional loan. Automated underwriting for conventional loans dropped its 620 minimum in November 2025, and approval depends on your full file. Borrowers with scores of 740 and above generally qualify for the most competitive rates and terms. Read more about credit score myths for homebuyers.

First-time homebuyers can put down as little as 3% through conventional low-down-payment programs. The standard minimum is 5%, and putting 20% down eliminates the need for private mortgage insurance (PMI). Down payment assistance programs may also be available to help cover your costs.

Private mortgage insurance (PMI) is required when your down payment is less than 20%. It protects the lender in case of default. PMI is automatically removed once your loan balance reaches 78% of the original home value, and you can request removal at 80%.

Yes, conventional loans can be used to finance investment properties. Expect to put down 15-25% depending on the property type and number of units, and qualification requirements are stricter than for a primary residence.

The largest loan the agencies that set conventional loan rules will buy, set each year by the FHFA and higher in high-cost counties. See conforming loan and the conventional loan page.

You can qualify for an FHA loan with a credit score as low as 580 with 3.5% down. Borrowers with scores between 500 and 579 may still qualify but will need to put at least 10% down.

FHA Mortgage Insurance Premium (MIP) is required on all FHA loans. It includes an upfront premium of 1.75% of the loan amount (which can be financed into the loan) plus an annual premium divided into monthly payments that is part of your regular mortgage payment.

FHA loans are for primary residences only. However, you can purchase a 1-4 unit property as long as you live in one of the units. The rental income from the other units can help you qualify for the loan.

FHA loan limits are set by county and updated annually based on local home values. They vary significantly between areas, with higher limits in high-cost markets. You can check current limits for your county on the HUD website.

FHA loans have lower credit score requirements, smaller down payments, and more flexible debt-to-income ratios than conventional loans. The trade-off is FHA requires mortgage insurance premium (MIP) instead of PMI, and MIP typically stays for the life of the loan unless you refinance. For a detailed comparison, see our FHA vs. conventional loans guide.

VA loans are available to active-duty service members, veterans with eligible service history, National Guard and Reserve members with sufficient service time, and eligible surviving spouses of veterans who passed away in service or from a service-connected disability. For a full overview of benefits, see our VA loan benefits guide.

No. The primary benefit of a VA loan is 0% down payment, making it one of the only mortgage programs that still offers 100% financing on home purchases. This applies to both first-time and repeat VA borrowers.

The VA funding fee is a one-time charge that helps sustain the VA loan program. The amount varies based on your type of service, down payment amount, and whether it is your first or subsequent use of the benefit. It can be rolled into the loan amount so you don't pay it at closing; it's added to your loan balance.

Yes. Your VA loan entitlement can be restored and reused multiple times throughout your life. If you have paid off a previous VA loan or sold the property, you can use your benefit again on a new home purchase.

No. VA loans never require private mortgage insurance (PMI), even with 0% down. This is a significant cost advantage over conventional and FHA loans and can meaningfully lower your monthly cost versus a loan with PMI.

A Non-QM (Non-Qualified Mortgage) loan is any mortgage that does not meet the Consumer Financial Protection Bureau's qualified mortgage (QM) standards. These programs are designed for borrowers with non-traditional income documentation, such as self-employed individuals, investors, and those with unique financial situations.

Generally yes, Non-QM loans carry rates that are typically higher than conventional loans due to the added flexibility they provide. The exact difference depends on the specific program, your credit profile, and the loan structure.

Non-QM programs include bank statement loans, DSCR (Debt Service Coverage Ratio) loans for investors, asset depletion programs, 1099-only qualification, profit and loss (P&L) programs, foreign national loans, ITIN loans, and hard money or bridge financing.

Yes, options exist for borrowers with credit scores as low as 500-580 depending on the specific program. Recent credit events like bankruptcy or foreclosure may also be workable with the right Non-QM product and sufficient compensating factors.

They are legitimate, regulated loans originated by licensed lenders. Non-QM loans for a home you live in are still subject to the federal ability-to-repay rule; investor loans made for business purposes, such as DSCR, follow each lender's own guidelines. The trade-off is usually higher rates or fees. They simply fall outside the specific qualified mortgage guidelines, which means they use alternative methods to verify income and qualify borrowers rather than traditional documentation.

A HELOC is a revolving credit line secured by your home equity. You are approved for a maximum credit limit and can draw what you need, when you need it. You only pay interest on the amount you actually use, similar to how a credit card works but typically at lower rates than credit cards. Learn more in our 5-Day digital HELOC guide.

Combined loan-to-value (CLTV) on the HELOCs I offer goes up to 85% on a primary residence with 680+ credit (lower at lower scores) and 70% on second homes and investment properties. Your CLTV is your existing mortgage balance plus the HELOC amount, divided by your home value.

A standard HELOC typically takes 2-6 weeks from application to funding. On select digital programs, funding can come in as few as 5 business days after you accept your offer. Ask me about the 5-Day HELOC program.

Yes, HELOCs are available on investment properties, though requirements are stricter than for a primary residence. Expect a higher minimum credit score, lower maximum CLTV, and potentially higher rates compared to a primary residence HELOC.

A HELOC is a revolving line of credit where you draw funds as needed and pay interest only on what you use, similar to a credit card. A home equity loan provides a fixed lump sum at a fixed rate with set monthly payments over a defined term, more like a traditional second mortgage. For a comparison with cash-out refinancing, see HELOC vs. cash-out refi.

A reverse mortgage converts your home equity into cash without requiring monthly mortgage payments; taxes, insurance, and upkeep still apply. Instead of you paying the lender, the lender pays you. The loan is repaid when you sell the home, move out, or pass away, at which point your heirs can sell the property or refinance to keep it.

Available from age 55 on select proprietary programs; the FHA-insured HECM requires all borrowers to be 62 or older. If you are married, both spouses should ideally be listed on the loan to protect the non-borrowing spouse if the primary borrower passes away or moves to a care facility.

Yes, you retain full ownership of your home with a reverse mortgage. Your name stays on the title, and you can stay in the home as long as you continue to pay property taxes, homeowners insurance, and maintain the property in good condition.

The most common is the HECM (Home Equity Conversion Mortgage), which is FHA-insured and available through most lenders. Proprietary (or jumbo) reverse mortgages are designed for higher-value homes and can provide access to more equity. Single-purpose reverse mortgages are less common and typically offered by government agencies for specific uses.

A reverse mortgage becomes due when the last borrower sells the home, passes away, or stops living in it as a primary residence, which includes living elsewhere, such as a care facility, for more than 12 consecutive months. It can also become due, and the home can be lost to foreclosure, if property taxes, homeowners insurance, or upkeep fall behind. Living in the home and staying current on those obligations keeps the loan in good standing.

You can finance a wide range of commercial property types including multi-family buildings with 5 or more units, retail spaces, office buildings, industrial and warehouse properties, mixed-use developments, and special purpose properties like medical offices or self-storage facilities. Learn more in our commercial real estate loans guide.

Most commercial loans require 20-30% down depending on the property type, its condition, and the strength of the borrower. Some SBA-backed programs may allow lower down payments, while higher-risk property types or borrowers may need more equity in the deal.

Commercial rates are based on multiple factors including the property type, borrower financials, loan-to-value ratio, debt service coverage ratio (DSCR), prevailing market conditions, and the overall strength of the deal. It is not as simple as a credit score lookup like residential lending.

The biggest difference is that commercial underwriting focuses heavily on the property's cash flow and debt service coverage ratio (DSCR), not just the borrower's personal income and credit score. Terms, structures, and qualification criteria are fundamentally different from residential mortgage lending.

Yes, mixed-use properties are one of the most common commercial loan scenarios. These properties combine residential and commercial space in one building, and lenders evaluate them based on the overall income the property generates from all tenant types.

It depends on the loan program. VA loans have no official minimum (though most lenders want 580+). FHA loans go as low as 500 with 10% down or 580 with 3.5% down. Conventional loans have no fixed minimum credit score, though approval depends on your full file. Non-QM programs can work with scores in the 500s depending on the product. A higher score gets you better rates, but a lower score does not automatically mean you are out of options.

Your DTI ratio compares your total monthly debt payments to your gross monthly income. Lenders use it to determine how much house you can afford. Most conventional loans cap DTI at 45-50%, while FHA allows up to 57% with compensating factors. Lower DTI means you are in a stronger position to qualify and may get better terms.

Yes, but there are waiting periods. For a conventional loan, you typically need to wait 4 years after a Chapter 7 bankruptcy (2 years with extenuating circumstances). FHA requires a 2-year wait after Chapter 7. Non-QM programs may have shorter waiting periods or no waiting period at all, depending on the product.

Yes. Conventional loans require a 7-year wait after foreclosure (3 years with extenuating circumstances). FHA requires 3 years. VA requires 2 years. Non-QM programs can sometimes work with borrowers immediately after a foreclosure, depending on the loan product and compensating factors.

When you apply for a mortgage, the lender pulls a hard inquiry on your credit. However, all mortgage-related inquiries within a 14-45 day window (depending on the scoring model) count as a single inquiry. So if you are shopping rates with multiple lenders, do it within a short window and it will only count as one pull.

Often, yes. Student loans count toward your DTI ratio, but they do not disqualify you on their own. If your loans are on an income-driven repayment plan, many programs allow the actual monthly payment amount rather than a percentage of the balance. I can help you figure out how your student loans affect your buying power.

A pre-qualification is a quick estimate of what you might qualify for based on self-reported information. A pre-approval is a more thorough review where the lender verifies your income, assets, and credit, then issues a letter showing the loan amount you are approved for. Sellers and real estate agents take pre-approval letters much more seriously than pre-qualifications.

Most pre-approvals can be completed in 1-3 business days once you submit your documents. Some can be done same-day. The key is having your paperwork ready: pay stubs, bank statements, tax returns (or alternative docs for self-employed borrowers), and a valid ID. Contact me to get started.

You sign the final loan documents, bring any funds due at closing, and the title company records the deed. Review your Closing Disclosure before you sign.

The fees for completing your loan, such as lender fees, appraisal, title, escrow, and prepaid taxes and insurance. Every cost is itemized on your Loan Estimate. See closing costs and my closing costs guide.

Yes, seller concessions are common and can cover some or all of your closing costs. The maximum amount varies by loan program: FHA allows up to 6%, conventional allows 3-9% depending on your down payment, and VA allows up to 4% in certain categories. I help negotiate this into your purchase offer when possible.

Once you are in the loan process, avoid opening new credit accounts, making large purchases, changing jobs, moving money between accounts without a paper trail, or co-signing on anyone else's debt. Any of these can affect your credit, income verification, or asset documentation and potentially delay or derail your closing.

Once you have an accepted contract (or at application for a refinance), I lock your rate for a period that covers your closing timeline. See rate lock and how rate locks work.