Question 1

How long does the mortgage process take?

Accepted Answer

A typical mortgage takes 30-45 days from application to closing. Tathiana is known for closing on time or early. HELOCs can close in as little as 2-3 business days.

Question 2

What credit score do I need to get a mortgage?

Accepted Answer

It depends on the loan type. FHA loans allow scores as low as 580 (3.5% down) or 500 (10% down). VA loans have no official minimum. Conventional loans typically require 620+.

Question 3

How much do I need for a down payment?

Accepted Answer

It varies by program: FHA requires 3.5%, VA and USDA require 0%, conventional starts at 3%. The Hometown Heroes program provides up to 5% in assistance.

Question 4

What's the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is an estimate based on self-reported information. Pre-approval involves verifying your documents and carries much more weight with sellers.

Question 5

Can I get a mortgage if I'm self-employed?

Accepted Answer

Absolutely! Self-employed borrowers can qualify using tax returns (conventional) or bank statements (bank statement loan program). You'll typically need 2 years of self-employment history.

Question 6

What are closing costs?

Accepted Answer

Closing costs typically range from 2-5% of the loan amount and include lender fees, title insurance, appraisal, recording fees, and prepaid items like property taxes and homeowner's insurance.

Question 7

Can I buy a home with bad credit?

Accepted Answer

It depends on how low your score is. FHA allows scores as low as 500 with 10% down. Below 500, conventional financing is difficult, but Tathiana can discuss options and credit improvement strategies.

Question 8

Should I get a fixed or adjustable rate mortgage?

Accepted Answer

If you plan to stay in the home long-term, a fixed rate offers stability. If you plan to sell or refinance within 5-7 years, an adjustable rate may save you money. Tathiana can model both scenarios for you.

Resources & Tools

Mortgage Payment Calculator