Common questions
How much down payment do I need?
It depends on the loan. Some programs allow as little as 3% or 3.5% down, and VA loans can require none for eligible veterans. Putting 20% down typically avoids mortgage insurance on a conventional loan.
What credit score do I need?
Requirements vary by program. Many conventional loans look for 620 or higher, and FHA loans may allow lower scores. Talk to us before you assume you don’t qualify.
How long does closing take?
Often 30 to 45 days from contract to closing, depending on the loan, the appraisal, and how quickly you provide documents.
What is a pre-approval and why does it matter?
A pre-approval shows sellers you’re a serious buyer and tells you what you can borrow before you start shopping.
These answers are general information. Requirements vary by loan program, lender, and your situation.
Documents to have ready
- Government-issued photo ID
- Recent pay stubs (last 30 days)
- W-2s from the last 2 years
- Bank statements from the last 2 months
- 2 years of tax returns if you’re self-employed or paid on commission
Your advisor will confirm exactly what you need.