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Frequently Asked Questions
Straight answers to the questions we hear most.
No. Loans backed by the Federal Housing Administration (FHA) have Mortgage Insurance Premiums (MIP), which have different, often more stringent, rules. For most FHA loans, MIP is for the life of the loan if you put down less than 10%. To remove it, you typically need to refinance into a conventional loan.
There is no single universal minimum, as it depends on the loan type. Generally, a FICO score of 620 is a common benchmark for conventional loans. Some government-backed loans (like FHA) may accept scores as low as 500 with a larger down payment, but a higher score will always secure you a better interest rate.
Be Proactive: Submit all requested documents quickly and completely.
Be Honest: Disclose all financial information accurately from the start.
Avoid Major Financial Changes: Do not open new credit cards, take out new loans, or make large, undocumented deposits into your accounts during this time.
Stay Employed: Do not quit or change your job.
Respond Promptly: Answer any questions from your loan officer or underwriter as soon as possible.
Be Honest: Disclose all financial information accurately from the start.
Avoid Major Financial Changes: Do not open new credit cards, take out new loans, or make large, undocumented deposits into your accounts during this time.
Stay Employed: Do not quit or change your job.
Respond Promptly: Answer any questions from your loan officer or underwriter as soon as possible.
If there is a significant change in your application—such as a change in the loan amount, a different property, or you decide on a different loan product—the lender may need to issue a revised Loan Estimate. This new form will reflect the updated terms and costs.
Discount points are optional fees you pay to lower your interest rate. Origination points are fees charged by the lender to cover the cost of processing and underwriting the loan. Origination points do not lower your interest rate.
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