Residential Purchase Frequently Ask Questions and Answers

Here you will find the most frequently ask questions and answers on residential purchase mortgage. If your questions is not listed here, you can call us directly for assistant.

1. Do I qualify for a home purchase loan?

You can qualify for a home purchase loan as long as you have documented income for the past 2 years and a good credit score. Even without a great credit score, you may be surprised that you qualify for a great loan!

2. Do I qualify for an FHA Mortgage?

Yes, if you can provide documented income and stay within the limits of the FHA loan limits.

3. What are the loan limits for conventional mortgages?

Conventional Loan Limits now range between $417,000 and $625,000 depending on the county where your property is located.

4. How long does it take to qualify for a home purchase loan?

Most loans can be prequalified within minutes, but to close a loan, you should allow a minimum of 15 days. To be safe, you should estimate 30-60 days from start to finish for the closing/funding of your loan after you are prequalified.

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