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Not always. Fannie Mae’s HomeReady program offers down payments as low as 3% for eligible borrowers. Income, property, underwriting, and other restrictions apply. A smaller down payment may require mortgage insurance.

A lender reviews your credit, income, debts, assets, occupancy, and the property. Automated underwriting findings and the lender’s own requirements also matter. A calculator or chat answer cannot determine approval.

Debt-to-income compares qualifying monthly debt payments with qualifying gross monthly income. Which payments and income count depends on the program and underwriting method. Ask a loan officer to review your complete scenario.

Under Fannie Mae B3-4.3-04, eligible personal gifts may cover funds for an eligible one-unit principal-residence transaction without a minimum contribution from the borrower’s own funds. The donor must be acceptable, a signed gift letter must state that repayment is not expected, and the lender must verify the source and transfer. Different property and program rules can change this.

Self-employed borrowers may qualify. The lender evaluates documented income, business history, stability, and applicable tax returns or other permitted documentation. Business revenue is not the same as qualifying personal income.

Potential rental income may be usable when the program’s property, history, documentation, and calculation requirements are met. The lender must also account for applicable housing expenses and liabilities.

FHA insures eligible loans made by approved lenders. Handbook 4000.1 sets FHA policy for origination, underwriting, and other loan requirements. Eligibility, mortgage insurance, and property standards need individual review.

FHA appraisal and property requirements are covered in Handbook 4000.1. An appraisal serves a different purpose from an independent home inspection; discuss both with your lender and real estate professional.

Compare the new payment, closing costs, remaining term, loan balance, and how long you expect to keep the loan. A lower payment alone does not establish savings. A loan officer can compare the full costs of your options.

Fannie Mae B2-1.3-03 includes separate ownership and mortgage-age requirements: generally at least one borrower must have been on title for six months, and an existing first mortgage being paid off must be at least 12 months old. Exceptions apply. The maximum financing ratio also depends on the applicable eligibility matrix, property, and underwriting. Have your loan officer check the complete rule for your situation.

The interest rate is used to calculate interest on your balance. APR also reflects certain financing charges. Compare written disclosures with consistent loan amounts, terms, and assumptions; the payment planner here does not calculate APR.

Points are upfront loan charges expressed as a percentage of the loan amount. Lender credits may offset closing costs, often in exchange for a different interest rate. Request a written side-by-side comparison of rate and total costs.

No. A rate is not locked until the lender confirms the lock and its terms. Pricing depends on the full scenario, lender adjustments, lock period, and availability. Request written confirmation before relying on a rate.

Lenders may impose additional requirements, often called overlays. Agency eligibility alone does not ensure a particular lender will approve or purchase a loan. Have the lender confirm the applicable rules for your scenario.

Property type and occupancy change the review. Condos may require project eligibility review, and second homes or investment properties have different conditions from primary residences. Share the exact property details with your lender.

These programs are not fully governed by the three guides in this knowledge center. VA and USDA have their own official guidance; jumbo and DSCR requirements depend on the lender. Ask for a program-specific review.

FHA documentation distinguishes between automated underwriting using the TOTAL Mortgage Scorecard and manual underwriting. A single percentage quoted online is not an approval promise. Ask your loan officer to identify the underwriting method, applicable Handbook 4000.1 requirements, and any lender requirements before relying on a maximum.

Choose “Start your application” to open Enrique’s application portal. Complete your application there and follow the document tasks assigned in Arive. Upload underwriting documents directly in Arive; Enrique can clarify which records are needed. This website does not transfer application data or uploaded documents into Arive.

Use the equity planner to enter your mortgage payoff, debt balances, current payments, cash needed, and an illustrative new rate and term. Compare the new payment and loan balance. A lower payment alone does not establish lifetime savings, and converting unsecured debt to home-secured debt changes the risk.

FHFA’s 2026 county list shows a one-unit conforming loan limit of $1,063,750 in King, Snohomish, and Pierce counties. This is a loan-amount limit, not a purchase-price limit or approval. Confirm the property county, unit count, program, and applicable year.

Start with Washington State Housing Finance Commission resources, then confirm current program availability with a participating lender. Ask about income eligibility, homebuyer education, repayment, and what happens when you sell or refinance. Assistance is not always a grant.

Enrique Pelayo Jr is a mortgage professional with more than two decades of mortgage and real estate experience. He originates mortgages with Loan Factory (NMLS #131435), owns and serves as designated broker of The Broker Team, and previously founded and led Mortgage Lending Group LLC. He works with borrowers in English and Spanish.

AMP means Accredited Mortgage Professional, a designation from the Mortgage Bankers Association. Its earning requirements include School of Mortgage Banking I, II, and III. Enrique Pelayo’s public Credly badge was issued December 15, 2022. It provides evidence of additional mortgage education; loan approval depends on the lender’s application review.

Visit Enrique Pelayo Jr / Loan Factory on Google to read the current reviews. The About page also includes a dated selection of attributed excerpts. Some reviews describe work performed before Enrique joined Loan Factory.