Frequently Asked Questions

To qualify for a jumbo loan, you will need a higher credit score compared to a conforming loan. Usually, a credit score of at least 700 is required, but minimum score requirements may vary depending on the lender. The interest rate offered by lenders on a jumbo loan will be more favorable for borrowers with higher credit scores.

Yes, retirees can qualify for bank statement loans since they do not have a conventional stream of income that is accurately shown on their tax returns.

It’s important to note that loans for self-employed people can apply to a wide range of situations, including business owners, freelancers, gig economy employees, and realtors.

Yes, it is possible to refinance a first-time home buyer loan.
There are limits on how much you can borrow based on your income and the median prices in your area. FHA loan limits have been increased for all counties in Washington. In response to rising home prices, the Department of Housing and Urban Development has raised the limits for 2022, with some counties seeing an increase of over $100,000. The new FHA limits range from $420,680 to a staggering $891,250
The biggest downside of DSCR loans is that they’re secured by the property’s income, so if the property doesn’t generate enough income, borrowers may find themselves unable to make their loan payments. Additionally, because lenders rely on the property’s income to repay the loan, they may be less willing to work with borrowers who have difficult financial situations. However, overall, DSCR loans can be a great option for those who qualify.
Collateral is not usually required for a DSCR loan, but it may be required depending on the lender and your business’s financials.
The terms stated income and no doc loan are often used interchangeably. However, this means that different loan application types have other requirements. As a result, it is essential that you thoroughly comprehend everything before choosing the best course of action for your situation.
No. High credit score will definitely give you an advantage in interest rate, however, having a lower credit score will not necessary disqualify you.
Closing costs include fees for title insurance, escrow services and pre-paid interests, just to name a few. Once you open escrow, you will be presented with a list of estimated fees.
One point equals one percent of your loan amount. Discount points are onetime fee that you may choose to pay to lower your interest.
A cash-out refinance can give you extra money to use for any purpose, such as consolidating debt, making home improvements, or covering unexpected expenses. Because it replaces your existing mortgage, a cash-out refinance can also lower your monthly payments and save you money over the life of the loan.
One of the main benefits of a Conventional Loan is that you can avoid paying private mortgage insurance (PMI) if you put down at least 20% of the home’s value as your down payment. Additionally, Conventional Loans typically have lower interest rates than government-backed loans.