Question 1

How much do I need for a down payment?

Accepted Answer

It depends on the program. Eligible VA borrowers may put $0 down, some conventional and FHA options start around 3% to 3.5%, and investor or non-traditional programs typically require more. California down payment assistance may also help qualified buyers. Your exact requirement depends on credit, property and program guidelines.

Question 2

Can I buy with a VA loan more than once?

Accepted Answer

Yes. VA eligibility can be used more than once. It may be restored after a VA loan is paid off, and in some cases you can have more than one VA loan at a time if you have remaining entitlement. We can review your Certificate of Eligibility together.

Question 3

How do bank statement loans work?

Accepted Answer

Instead of tax returns, the lender reviews 12 or 24 months of personal or business bank statements to calculate your income from deposits. They're designed for self-employed borrowers whose tax returns don't reflect their true cash flow. Rates and down payments are typically higher than conventional loans.

Question 4

What is a DSCR ratio?

Accepted Answer

DSCR stands for Debt Service Coverage Ratio: the property's monthly rental income divided by its monthly housing payment (principal, interest, taxes, insurance and HOA). A ratio of 1.0 means rent covers the payment. Many lenders look for around 1.0 or higher, though some programs allow less.

Question 5

Can I use my retirement or investment accounts to qualify?

Accepted Answer

Often, yes. Asset depletion programs take a portion of your verified liquid assets, such as savings, brokerage and retirement accounts, and convert them into a monthly qualifying income figure. Eligible assets and calculations vary by lender.

Question 6

Do you do commercial loans?

Accepted Answer

Yes. I arrange commercial financing in 43 states for multifamily (5+ units), mixed-use, retail, office, industrial, bridge, fix-and-flip, Ground Up Construction and commercial refinance. Availability varies by lender, state and project. Commercial and business-purpose loans are not consumer loans and follow different guidelines.

Question 7

How long does it take to close?

Accepted Answer

Many purchase loans close in roughly 21 to 45 days, depending on the program, appraisal, the completeness of your documents and the lender's timeline. Commercial loans can take longer. I'll give you a realistic timeline for your situation.

Question 8

Does checking my rate hurt my credit?

Accepted Answer

A general rate conversation doesn't affect your credit. A full pre-approval typically requires a credit inquiry, and multiple mortgage inquiries within a short shopping window are generally treated as a single inquiry by the credit scoring models.

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