Parker Massengill

Document requirements vary depending on the borrower’s circumstances.  We ask a typical borrower for pay stubs, W2s, bank statements, and some form of identification.  Those with more unique circumstances, like being self-employed or earning investment income, may need to provide additional documentation in the form of tax returns.

If you submit your loan application and all requested documents quickly, we can often get you prequalified in the same day!  A more complex scenario may take more time. Regardless, we’ll be in constant contact with you to make sure you’re being taken care of as quickly as possible.

This will largely depend on which loan type you choose. For example:

• A government-backed mortgage, like an FHA mortgage, will have a minimum down payment of 3.5%.
• For conventional loans the down payment can range from 3–20% of the home purchase price.
• VA and USDA loans offer no down payment options for 100% financing

From there, your individual circumstances—and factors like annual income and potential mortgage insurance options—will affect your exact down payment amounts. Our mortgage calculator tool can help you look at different down payment and mortgage insurance options (if applicable) based on your personal circumstances.

Private Mortgage Insurance (PMI) is a type of insurance you may be required to pay for if you have a conventional loan. PMI can help you qualify for loans you may otherwise be ineligible for, and is usually required for down payments of less than 20% of the home’s purchase price. If you’re paying 80% or more of the loan-to-value ratio for a conventional loan, you have the option to cancel PMI.

For prequalification purposes, this will depend on your income, assets and debts, credit score, and other financial factors. You’ll want to work closely with your mortgage lender to figure out what you can comfortably afford. Borrowers can often qualify for more than they want to take on, so we will work with you to make sure your final number is within your budget and matches your financial goals.

We have a mortgage calculator tool that can calculate your maximum loan and purchasing price based on what those factors look like for you personally.

Your mortgage payment consists of four main parts:

• Principal – the amount that was loaned to you by the mortgage lender to buy the house.
• Interest – the fee you are re-paying each month for the loan. (The interest rate is a percentage of the principal.)
• Taxes – property and city taxes
• Insurance – homeowner’s insurance to protect your home

Other fees that may be included in mortgage payments.

• Private Mortgage Insurance (if you get a conventional loan and your down payment is less than 20%).
  • Private Mortgage Insurance (PMI) is a type of insurance you may be required to pay for if you have a conventional loan. PMI can help you qualify for loans you may otherwise be ineligible for and is usually required for down payments of less than 20% of the home’s purchase price.