Mortgage FAQ

Most lenders want your total monthly debts, including the new house payment, to stay roughly between 43% and 50% of your gross monthly income, depending on the loan type. Try our mortgage calculator for a quick estimate, then get pre-approved for a real number.

Pre-qualification is a quick estimate based on what you tell us. Pre-approval means we’ve reviewed your credit, income and assets, so sellers take your offer more seriously.

It depends on the loan. VA loans can be 0% down, some conventional loans start at 3%, FHA starts at 3.5% with a qualifying credit score, and investor and jumbo loans usually need more. You’ll also need money for closing costs.

It depends on the loan program. FHA is the most flexible for lower scores, conventional rewards higher scores with better pricing, and Non-QM programs can help after a recent credit event. Tell us your rough score and we’ll show you what fits.

Usually ID, recent pay stubs, W-2s or tax returns, and bank statements. Self-employed borrowers may use bank statements instead of tax returns, and investors can sometimes qualify on rental income.

Many purchase loans close in about 30 days once you’re under contract and your documents are in. Some investor and hard money loans can close faster.

No. There’s no cost to talk with us and find out what you qualify for.

FHA is usually easier to qualify for with a lower score or higher debt. Conventional usually costs less over time with good credit, because its mortgage insurance is cheaper and can be removed. See FHA loans and conventional loans.

Eligible veterans, active-duty service members, many National Guard and Reserve members, and some surviving spouses. VA loans offer no down payment for eligible borrowers with full entitlement and no monthly mortgage insurance. See VA loans.

A mortgage above the conforming loan limit for your county. Jumbo loans usually need stronger credit, a larger down payment and more cash reserves. See jumbo loans.

Yes. Construction financing can cover building a home and then convert to a regular mortgage when it’s finished. See new construction loans.

A home loan that doesn’t follow the standard rules for conventional, FHA and VA loans. It’s built for borrowers who can afford a mortgage but don’t fit the usual paperwork, such as self-employed borrowers and investors. See Non-QM loans.

Yes. You can qualify with tax returns, or with a bank statement loan if write-offs make your taxable income look low. Read how to get a mortgage when you’re self-employed.

Lenders review 12 or 24 months of personal or business bank statements, average your deposits, and use that as your income instead of tax returns. See bank statement loans and bank statement loan requirements.

Yes. Some programs qualify independent contractors on 1099 income instead of full tax returns.

Common reasons are a lower rate or payment, removing mortgage insurance, switching from an adjustable to a fixed rate, shortening your term, or taking cash out. We’ll show you the break-even point so you can decide.

A new, larger mortgage that pays off your current loan and gives you the difference in cash. See cash-out refinance.

A HELOC is a line of credit you draw from as needed, usually with a variable rate. A home equity loan (HELOAN) is a lump sum, usually at a fixed rate. Both keep your first mortgage in place. See HELOC and HELOAN.

Sometimes. Some programs allow an appraisal waiver depending on the loan type and your equity. Read refinancing without an appraisal.

A loan for homeowners 62 or older that turns part of your home equity into cash, without a monthly mortgage payment. You still pay property taxes, insurance and upkeep. See reverse mortgages.

Yes. You keep the title and can stay in the home as long as you live there and keep up with taxes, insurance and maintenance.

It can add income and remove a monthly payment, but it reduces the equity left to your heirs and has upfront costs. Read reverse mortgage pros and cons.

An investor loan that qualifies mainly on the property’s rental income compared to its payment, instead of your personal income. See DSCR loans.

Conventional is often cheaper if your tax returns qualify. DSCR is simpler if you’re self-employed, own several rentals or want to close in an LLC. Read DSCR vs. conventional for rentals.

Short-term financing to buy and renovate a property, often covering part of the purchase and the rehab budget. See fix-and-flip and bridge loans.

When cash is king and you need a quick closing, or the property doesn’t qualify for a regular loan yet. Hard money is based mostly on the property, not your income. See hard money loans.

Yes, including multifamily, mixed-use, retail, office and industrial property, for purchase, refinance and cash-out. See commercial real estate loans.

Yes. Amerifi Lending is a licensed mortgage company, Company NMLS 2786961. You can verify it on NMLS Consumer Access.

Amerifi Lending has been helping borrowers finance homes and investment property since 1998.

Call or text 949.423.3883 or 801.900.3237, email letstalk@amerifilending.com, or send us a message. We’ll ask a few questions and tell you what you qualify for.