What does a mortgage loan originator do vs. a bank?

A bank offers only its own loan products. A mortgage loan originator shops your loan across 175+ wholesale lenders to find the best rate, terms, and program for your situation.

How do I get pre-approved?

Apply through one of our lender portals or contact me directly. I will pull your credit, verify income and assets, and issue a full pre-approval letter, typically within 24 hours.

How much do I need for a down payment?

Conventional loans start at 3% down, FHA at 3.5%, and VA loans require zero down payment.

When does it make sense to refinance?

Generally when you can lower your rate by 0.5% or more, shorten your term, or access equity. The key is whether monthly savings outweigh closing costs within your planned timeframe.

A DSCR loan qualifies based on the rental income of an investment property rather than your personal income. No tax returns or pay stubs required.

What is PMI and how do I get rid of it?

PMI is required on conventional loans with less than 20% down. It drops automatically at 78% LTV, or you can request removal at 80% LTV.

FHA Loans

Government-insured financing built for buyers with lower credit scores or a limited down payment, with more forgiving qualifying guidelines.

FHA Loans at a Glance

Program Highlights

✓ 3.5% down with 580+ credit score
✓ 10% down with 500-579 credit score
✓ 100% gift funds allowed for down payment
✓ Up to 6% seller concessions
✓ Lower rates than conventional for sub-700 scores
✓ FHA limit: $524,225 – $1,209,750 by county

Who It's Best For

✓ First-time homebuyers
✓ Credit scores 580-679
✓ Borrowers with limited savings
✓ Recent credit events (shorter waiting periods)
✓ Higher DTI ratios (up to 57% with AUS)
✓ Using gift funds for entire down payment

How FHA Loans Work

FHA loans are insured by the Federal Housing Administration, which allows lenders to offer lower rates and more flexible qualifying standards. The tradeoff is mortgage insurance: a 1.75% upfront premium (UFMIP) that gets added to your loan balance, plus annual MIP of 0.55% for the life of the loan if you put less than 10% down. The property must meet FHA Minimum Property Standards — the home needs to be safe, sound, and secure. As your broker, I submit your file to lenders who price FHA aggressively, and I'll tell you honestly if conventional is actually the better deal for your situation.

The FHA Process

Pre-Approval

At 580+ you put 3.5% down. Between 500 and 579, 10% down. Gift funds can cover the entire amount.

Find Your Home

Negotiate up to 6% in seller concessions toward your closing costs.

FHA Appraisal

An FHA-assigned appraiser confirms value and checks minimum property standards.

Underwrite & Close

Automated underwriting allows DTI ratios up to 57%, well above most conventional limits.

Who FHA Works Best For

First-Time Buyers

The most forgiving entry point into homeownership, with the lowest credit and savings requirements.

Credit Scores 580–679

FHA typically prices better than conventional for borrowers below roughly 700.

Limited Savings

100% of your down payment can come from gift funds — no seasoned savings required.

Recent Credit Events

Shorter waiting periods after a bankruptcy, foreclosure, or short sale than conventional financing.

Try the Payment Calculator FHA Streamline Calculator

Get an FHA Loan Quote

Andrew Baker · NMLS 2688601 · (949) 665-9090

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