FAQs: Resources Made Simple
Answers to the Most Common Questions
🏡 1. Do I need to get pre‑approved?
Yes. A pre‑approval shows sellers you’re serious and gives you a clear picture of what you can comfortably afford. It’s the best first step in the homebuying process.
💳 2. What credit score do I need?
You don’t need perfect credit to buy a home. Many programs allow lower scores, and some—like FHA—are designed for flexible credit situations. A quick review of your credit report helps us guide you to the best option.
💰 3. How much do I need for a down payment?
It depends on the loan:
- 3% down for many conventional loans
- 3.5% down for FHA
- 0% down for VA (for eligible borrowers) You don’t need 20% unless you want to avoid mortgage insurance.
📉 4. What are today’s mortgage rates?
Rates change daily. During pre‑approval, we can lock in a rate to protect you if the market shifts.
📊 5. What is a debt to income (DTI) ratio?
Your DTI compares your monthly debts to your monthly income. Most programs prefer it under 43%, but some allow higher depending on the loan type.
📝 6. What documents will I need?
Typically:
- Pay stubs
- W‑2s or tax returns
- Bank statements
- ID
- Proof of assets
- Employment verification
We guide you through each step so nothing feels overwhelming.
🏠 7. What types of loans can I choose from?
Common options include:
- Conventional
- FHA
- VA
- Jumbo
- Adjustable‑rate mortgages (ARM)
- Down payment assistance programs
- ITIN loans
Each one serves a different need, and we help you choose the best fit
🔁 8. Can I refinance later?
Absolutely. Refinancing can help you lower your payment, shorten your term, or access equity for other goals.
🏦 9. Can I buy a home if I’m self employed?
Yes. You’ll just provide additional documentation—usually tax returns and business financials—to show stable income.
🧾 10. What if I don’t have a credit score?
You can still qualify through manual underwriting, which looks at your financial habits using alternative documentation.
📞 11. Who will guide me through the process?
At Heartstone Lending, you get clear communication, bilingual support when needed, and someone who stays with you from the first conversation to closing and beyond.