Mortgage FAQs

It depends on the loan, price, property, assistance eligibility, credits, closing costs, prepaid taxes and insurance, and reserve requirements. Some eligible programs allow low or no required down payment, but buyers should still plan for transaction and ownership expenses.

No. Preapproval is conditional. Final approval depends on verified documents, underwriting, the property, appraisal, title, insurance, and unchanged borrower circumstances.

There is no single score for every mortgage. Minimums and pricing vary by program, lender, occupancy, property, down payment, debts, reserves, and the full credit profile.

Seller credits may cover eligible costs within program and transaction limits, but cannot always cover every expense or be received as unrestricted cash. Contract terms, value, lender rules, and actual costs matter.

Eligible borrowers may use VA financing with no required down payment, subject to entitlement, lender approval, value, occupancy, property standards, residual income, and VA rules. Closing costs and a funding fee may still apply unless exempt.

Possibly. Assistance depends on funding, location, income, price, credit, occupancy, education, loan compatibility, and other rules. Some assistance is repayable or becomes due after sale, refinance, transfer, or loss of occupancy.

Possibly. Existing mortgages and required liens generally must be paid at closing using reverse-mortgage proceeds or other funds. Qualification and proceeds depend on age, equity, value, liens, assessment, property, rates, and program rules.

Yes. Borrowers must continue to meet property-tax, insurance, maintenance, occupancy, and other loan obligations. Failure to comply may cause the loan to become due and payable and can result in foreclosure.

New debt or credit inquiries can affect qualification. Discuss financing, co-signing, large purchases, job changes, and significant fund transfers before acting during preapproval or underwriting.