Mortgage questions? Start here.

It depends on the loan program and your qualifications. Some conventional programs permit as little as 3% down, FHA loans may allow 3.5% for eligible borrowers, and qualifying VA or USDA buyers may have zero-down-payment options. Closing costs and reserves may still apply.

No. A 20% down payment is not required for many mortgage programs. On conventional loans, putting less than 20% down often means paying private mortgage insurance (PMI).

Affordability depends on income, debts, down payment, credit, property taxes, insurance, HOA dues, and the mortgage rate. A payment you feel comfortable with may be lower than the maximum loan you qualify for. Explore our mortgage calculators.

Prequalification is often an initial estimate based on information you provide. Preapproval generally involves a more detailed review of credit, income, assets, and other documents. Neither is a final loan commitment.

Yes. Financing may be available for another primary residence, a second home, or an investment property, depending on your circumstances and program rules.

There is no single minimum that applies to every loan. Credit requirements depend on the program, lender, down payment, and overall financial profile. A mortgage advisor can review the options available to you.

DTI compares your monthly debt obligations with your gross monthly income. Lenders use it, along with credit, assets, and other factors, to evaluate repayment ability. Acceptable ratios vary by program and underwriting findings.

Yes. Traditional loans may evaluate tax returns and business income, while some non-QM programs consider bank statements or other alternative documentation. Terms, documentation, and down-payment requirements vary.

Requesting a formal loan quote or application may involve a credit inquiry. Multiple mortgage inquiries within a credit-scoring model's shopping window are often treated as one for scoring purposes, but rules vary by model. Ask your advisor how and when credit will be checked.

Common items include photo ID, recent pay statements, W-2s or tax returns, bank statements, and information about existing debts and assets. Self-employed and specialty-loan applicants may need additional records.

Conventional loans are not government-insured; FHA loans are insured by the Federal Housing Administration. FHA financing may offer flexible qualification options but generally includes upfront and ongoing mortgage insurance. The best fit depends on your finances and goals. Explore FHA loans.

Eligible veterans, service members, and certain surviving spouses may qualify based on VA service and entitlement rules. VA loans can offer no-down-payment financing for qualified borrowers and generally do not require monthly mortgage insurance, although a funding fee may apply. Learn about VA loans.

No. USDA-guaranteed mortgages may finance eligible primary residences in qualifying rural and some suburban areas. Household income limits and property eligibility requirements apply. Explore USDA loans.

A jumbo mortgage generally exceeds the conforming loan limit for the property's county and unit count. Jumbo loans typically follow lender-specific underwriting rules. See our loan limits guide.

Potentially. Renovation programs, including certain FHA 203(k) options, can combine eligible purchase or refinance financing with approved improvements. Project and contractor requirements apply.

Refinancing may help you change your rate, payment, term, or loan structure, or access equity. Compare the new payment, closing costs, remaining loan term, and how long you expect to keep the property—not just the interest rate. Explore refinancing.

A cash-out refinance replaces your existing mortgage with a larger loan and provides the difference in cash after paying off the old loan and transaction costs. It reduces your available equity and may increase total borrowing costs.

Sometimes. Borrowers may refinance for reasons other than a lower rate, such as consolidating certain debts, changing a loan term, or accessing equity. The overall cost and risks should be evaluated carefully.

Private mortgage insurance often applies to conventional loans with less than 20% down. Many borrower-paid PMI policies have cancellation or termination provisions based on loan balance, payment history, and other rules. FHA mortgage insurance follows different requirements.

A debt service coverage ratio (DSCR) loan is commonly used for investment properties. Certain lenders focus on a property's rental income relative to its debt payments rather than relying solely on traditional personal-income documentation. Rates, down payments, and property requirements vary.

Some non-QM lenders offer bank-statement programs for qualifying self-employed borrowers. They may evaluate deposits and business expenses rather than relying exclusively on tax-return income. These programs are not the same as no-documentation loans. See alternative-documentation options.

A reverse mortgage allows eligible older homeowners to convert some home equity into loan proceeds without required monthly principal-and-interest payments, while continuing to meet obligations such as property taxes, insurance, and maintenance. The loan balance generally grows over time, and repayment becomes due after a maturity event. Eligibility, age, and counseling requirements depend on the product. Learn more about reverse mortgages.

Generally, yes. You retain title while meeting the loan's obligations. Reverse mortgages are secured by the property and can become due if requirements are not met. Consider costs, heirs, and long-term plans before proceeding.

Closing costs may include appraisal, title, escrow, recording, lender, and other charges, plus prepaid taxes or insurance. Your Loan Estimate and Closing Disclosure provide transaction-specific figures.

The interest rate is the cost of borrowing the loan principal. The annual percentage rate (APR) incorporates certain financing charges and can help compare loan offers, although the lowest APR is not always the best fit for every borrower.

Timelines vary based on the loan program, property, appraisal, documentation, underwriting, and transaction conditions. Ask your loan team for a realistic timeline based on your specific file.

Some state, local, employer, and lender programs offer assistance to eligible borrowers. Funding, income limits, purchase-price caps, and availability can change. A Mortgage Credit Certificate, where available, is a separate tax-credit concept rather than a down-payment grant.

It's generally wise to avoid taking on new debt, opening credit accounts, or making unexplained large financial transfers during underwriting without first discussing them with your loan advisor. These changes may affect approval or documentation.