Adam Van De Bovenkamp

As of November 2025, Fannie Mae (Conventional loan) has removed all minimum credit score requirements. So technically, there’s no score too low! In my humble experience, we have loan programs that will work for people with low credit scores and obviously the higher your credit score is – the better your outcome will be. So don’t be shy if you have a low credit score – I’m happy to work with you and coach you on how to improve it, if needed. Also, you may be surprised what you can qualify for when you apply… even with your current credit score. I look forward to helping you!

In mortgage, we use a debt-to-income ratio (DTI) to determine what you can afford based on your current gross monthly income and minimum monthly debt payments, including your future mortgage payment. This number can vary widely depending on your situation. During the process, I will let you know what their maximum monthly payment approval is, help figure out what you’re comfortable paying, and what your financial goals are. We will work together to find out the solution that works best for you.

Down payments can range from 0% to 3.5% minimum. To break this down:

VA/USDA and Downpayment Assistance loans: 0% Minimum Down payment.

Conventional First Time Home Buyer: 3% **With at least 1 person on the loan having not owned a home for 3 years** (otherwise 5%)

FHA: 3.5% Other Less common Loan options like Bank Statement loans, investment properties, etc. will typically require between 10-15% minimum.

Keep in mind you’ll also need to account for closing costs, which could be between 2 to 4% of the purchase price of the home. This will either need to be paid for by you, a gift, or maybe the seller of the home.

After having completed an application and receiving all the necessary documents to determine your preapproval, you can expect 1-2 business days before a preapproval is issued.

Keep in mind that a pre-approval lasts for 90 days and a credit report lasts for 120 days. If your shopping goes a little bit longer, all we need is a few simple documents to refresh your loan file.

Mortgage rates are determined by daily trading of mortgage-backed securities, also known as bonds. It is very similar to how stocks are traded on the stock market. Therefore, there is a lot of fluctuation daily.

Unfortunately, mortgage rates aren’t one-size-fits-all. There are over 20 factors that determine what mortgage rates you qualify for. So, everyone will not have the same rates to work with. Also, you will have a wide variety of rates to choose from depending on daily interest rate movement. This is where we can discuss whether you want to lock your interest rate, float it, or choose to buy down the rate and figure out the equation that works best for your goals.

FHA, VA, USDA, conventional are all great loan programs for first time home buyers. My job is to make sure we find the best mortgage to meet your financial wants, needs, and goals. Since every home loan isn’t going to be the same for everyone, I’ll be able to look at your situation and solve the puzzle to get you the best loan available.