Frequently Asked Questions

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.

Closing costs for refinancing typically range from 2% to 5% of the loan amount. These costs can include appraisal fees, title insurance, and attorney fees. We can help you understand the costs involved and discuss options for rolling them into your new loan. Curious about your specific costs? Let’s talk!

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.
DSCR loans offer several benefits, including flexible repayment terms, competitive interest rates, and low fees. Additionally, DSCR loans are often used to finance the purchase of investment properties, which can be a great way to build wealth.
There are several benefits of DSCR loans, including flexible qualification criteria. Additionally, because the property’s income is used to repay the loan, lenders may be more willing to work with borrowers who have less-than-perfect credit.