FAQ
Straight answers to the most common first-time buyer questions. Don't see yours? Just ask.
Not necessarily. Many loan programs allow a smaller down payment, and some eligible buyers may not need one at all. The right amount depends on the program, your savings and the trade-offs you prefer.
Possibly, even if you've owned before. Many programs consider you a first-time buyer if you haven't owned a home in the past three years. Definitions vary by program.
An inquiry can have a small effect, often less than buyers expect. Scoring models generally count multiple mortgage inquiries within a short shopping window (typically 14 to 45 days, depending on the model) as one.
No one can reliably predict rates. Focus on whether the payment works for you today. If rates fall later, refinancing may be an option, but it has costs and isn't guaranteed.
Generally, no. Seller credits are usually limited by loan type and are typically used for eligible closing costs and prepaids, not your required down payment.
On conventional loans, typically yes. You can generally request cancellation once your balance reaches 80% of the home's original value, and it usually ends automatically at 78% if you're current. FHA rules differ.
Talk to me before you make the change. Employment changes can affect income qualification and may require new documentation or delay closing.
They do different jobs. The appraisal focuses on value and lender requirements; an inspection helps you understand the home's condition before your deadlines pass.
Often a day or two once I have your documents, and sometimes the same day. The faster your paperwork comes in, the faster you'll be ready to shop.
No. I help buyers in a number of states. Reach out and I'll confirm I can help where you're buying.
Nothing. A pre-approval conversation is free and there's no obligation.