Serving North Carolina
Call: +1 888-290-3641
Email: [email protected]
FAQ
Frequently Asked Questions
What type of home loan is best for first-time buyers?
FHA loans are often a top choice for first-time buyers due to low down payment options (as little as 3.5%) and flexible credit requirements. Chad Huffstetler can help compare options like FHA, conventional, and USDA loans to find the best fit.
How much do I need for a down payment?
Down payments typically range from 3% to 20% depending on the loan type. VA and USDA loans offer 0% down for qualified buyers, while conventional and FHA loans have low down payment options.
Can I get approved if I’m self-employed?
Yes. Self-employed borrowers can qualify using bank statements, profit-and-loss statements, or other alternative documentation. Chad offers customized solutions for entrepreneurs, freelancers, and 1099 workers.
What’s the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate mortgage has the same interest rate for the life of the loan, while an ARM starts with a lower rate that adjusts periodically. ARMs are great for short-term homeowners or refinancers.
What’s the benefit of using a VA loan?
VA loans offer 100% financing, no private mortgage insurance (PMI), and competitive interest rates for eligible veterans, active-duty military, and surviving spouses. Chad is VA loan certified and can guide you through the process.
How long does the mortgage approval process take?
Typically 20–30 days from application to closing, but this can vary depending on the loan type and how quickly documentation is provided. Pre-approval speeds up the timeline significantly.
What is a conventional mortgage loan?
A conventional mortgage loan is a type of home loan that is not insured or guaranteed by a government agency like the FHA, VA, or USDA. These loans typically require higher credit scores, stable income, and a larger down payment compared to government-backed loans. Conventional mortgages can be conforming (meeting the guidelines set by Fannie Mae and Freddie Mac) or non-conforming (for larger or unique loans). They offer flexible terms, competitive interest rates, and are a popular choice for borrowers with strong financial profiles.
Can I qualify for a mortgage if I’ve had a bankruptcy or foreclosure?
Yes, depending on the type of loan and how long it’s been since the event. FHA and VA loans have shorter waiting periods. We’ll review your full situation to find the best options.
Can I buy a home with bad credit?
Yes, you may still qualify. FHA loans and non-QM (non-qualified mortgage) programs offer flexible credit options. We also offer credit coaching to help you improve your score before applying.
How do I know if refinancing is right for me?
Refinancing can lower your interest rate, reduce your monthly payment, or let you cash out equity. A quick analysis with Chad can help determine your break-even point and long-term savings.
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5868 Baker Road
Minnetonka, MN 55345
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