Frequently Asked Questions

A mortgage broker works with multiple lenders to find you the best rate and terms for your situation. Unlike a bank, which can only offer its own products, I have access to over 160 lenders through West Capital Lending. That means more options, better pricing, and a loan that actually fits your goals. Learn more on our contact page or schedule a consultation.

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 including conventional, FHA, VA, Non-QM and DSCR, HELOC and home equity, reverse mortgage, and commercial loans. If you are not sure which program fits, that is exactly what I am here to help with.

It depends on your current rate, how long you plan to stay in the home, and what you are trying to accomplish. Refinancing can lower your monthly payment, shorten your loan term, or give you access to your home equity. I can run the numbers for your specific situation and show you whether it makes financial sense. Check out our guide on refinancing in 2026.

I am licensed in 24 states: Alabama, Arizona, California, Colorado, Delaware, Florida, Hawaii, Iowa, Idaho, Kentucky, Maryland, Maine, Michigan, Minnesota, Missouri, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin. If you are in one of these states, I can help.

No. Consultations are always free with no obligation. I am happy to walk you through your options, run scenarios, and help you understand what you qualify for before you commit to anything. Reach out any time.

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.

The minimum credit score for a conventional loan is typically 620, though some programs may allow slightly lower. Borrowers with scores of 740 and above generally qualify for the best available rates and terms. Read more about credit score myths for homebuyers.

First-time homebuyers can put down as little as 3% through programs like HomeReady and HomePossible. 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.

Conforming loan limits are the maximum loan amounts that Fannie Mae and Freddie Mac will purchase. They are set annually by the Federal Housing Finance Agency (FHFA) and vary by county, with higher limits in designated high-cost areas.

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 there is no out-of-pocket cost.

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 save you hundreds of dollars per month on your mortgage payment.

A Non-QM (Non-Qualified Mortgage) loan is any mortgage that does not meet the standard qualified mortgage rules set by Fannie Mae and Freddie Mac. 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.

Yes. Non-QM loans are fully regulated mortgage products originated by licensed lenders. 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 at much lower rates. Learn more in our 5-Day digital HELOC guide.

Combined loan-to-value (CLTV) requirements are typically up to 85% for a primary residence and 70-75% for investment properties. Your CLTV is calculated by adding your existing mortgage balance to the HELOC amount and dividing by your home value.

A standard HELOC typically takes 2-6 weeks from application to funding. Some lenders offer expedited programs that can close in as few as 5 business days for qualifying borrowers and properties. 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. 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.

The youngest borrower on the loan must be at least 62 years old. 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.

You can only lose your home if you fail to meet the loan obligations, which include paying property taxes, maintaining homeowners insurance, and keeping the home in reasonable condition. As long as you meet these requirements and continue living in the home as your primary residence, you are protected from foreclosure.

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 typically require 620+. 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.

Absolutely. Student loans are factored into your DTI ratio, but they do not disqualify you. 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.

Self-employed borrowers, freelancers, and gig workers have several options. Bank statement programs use 12-24 months of deposits instead of tax returns. 1099-only programs work for independent contractors. Profit and loss (P&L) programs use CPA-prepared statements. Visit our Non-QM page for the full list of alternative income documentation options.

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.

At closing, you will sign the final loan documents, wire your down payment and closing costs (if applicable), and the title company will record the deed. For purchases, you typically get the keys the same day or the next business day. The whole signing appointment usually takes about an hour.

Closing costs are the fees associated with completing your mortgage transaction. They typically include lender fees, appraisal, title insurance, escrow fees, and prepaid items like property taxes and homeowners insurance. The total varies by loan type and location. I always provide a detailed breakdown early in the process so there are no surprises. For more on rate strategies, see our mortgage rate buydowns 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.

Your rate can be locked once you have an accepted purchase contract (or at application for a refinance). Rate locks are typically good for 15-60 days. I monitor the market and will recommend the best time to lock based on current conditions and your closing timeline.