Frequently Asked Questions
How long does it take to get the loan?
We can close loans in as little as 7 business days, however our average time is just 14 days.
What's the minimum down payment needed for a loan?
This also depends on the loan program but the short answer is 3% in most cases. If you qualify for VA lending this program offers ZERO down loans and NO mortgage insurance.
What interest rates do you offer?
Unfortunately rates are not priced like a gallon of gas, this is because there are "risk factors" involved. Therefore rates vary based on several factors, such as: the borrowers qualififcations, the "loan to value" of the property, the loan program being used, and even current events.
What documentation is needed ?
Income documentation will be required to support the information given on your application. This is generally 2 years of W2's, 30-days of paystubs and 2 months of bank statements. If your application shows income from other sources you'll need to show proof of receiveing that as well - for example: child support, social security income, or retirement income.
What credit score is needed to qualify for a home loan?
This does depend on the loan program used. As an example Conventional loan progarams start at a 620 FICO, FHA loan programs start out at a 500 FICO, and VA loan programs start with NO FICO needed.
Can I get a loan if I've gone through a bankruptcy ?
Yes, a bankruptcy does not prevent you from getting a home loan, HOWEVER there are rules to allowing it.
FHA and VA require that a BK7 is discharged 2 years, Conventional requires it to be 4 years. A BK13 is 1-2 years.
FHA and VA require that a BK7 is discharged 2 years, Conventional requires it to be 4 years. A BK13 is 1-2 years.
Have more questions? Let's talk !
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Grace Mortgage LLC NMLS ID 2271494 | 909-781-4001 | 20718 W. White Rock Buckeye, AZ 85396
Licensed by the Arizona Department of Financial Institutions, License #MB- 1030403
Ryan Mihld NMLS ID 1492562, also licensed by the California Dept Of Real Estate #01501609
Equal Housing Lender. Cost and fees may vary. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply. All loans subject to credit approval and secured by real estate.
Licensed by the Arizona Department of Financial Institutions, License #MB- 1030403
Ryan Mihld NMLS ID 1492562, also licensed by the California Dept Of Real Estate #01501609
Equal Housing Lender. Cost and fees may vary. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply. All loans subject to credit approval and secured by real estate.
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