Home purchase loans

Find out what you can afford, then go shopping.

A pre-approval is the difference between an offer a seller takes seriously and one they put in a pile. Here is what it takes to get one, and what it does not take.

See if I qualifyTalk to Cole
3% downThe realistic floor on a conventional loan
580+Where FHA opens up
24 hoursTypical time to a pre-approval letter

Home purchase loans

Who this is for

Anybody buying a home to live in, a second home, or an investment property. It covers first time buyers using an FHA loan with 3.5% down and move-up buyers rolling equity from one house into the next.

The order matters more than most people are told. Getting pre-approved before you look costs nothing and changes two things: you stop looking at houses you cannot buy, and when you do find one, your offer is credible on the day rather than a week later.

  • First time buyers, including with down payment assistance
  • Move-up buyers using equity from a current home
  • Second homes and investment properties
  • Veterans and active duty, where a VA loan usually wins
  • Self employed buyers whose returns understate their income

What is assessed

What a lender is actually looking at.

None of this is a secret, and knowing it early is the difference between a smooth file and a scramble two weeks before closing.

Debt to incomeMost programs want your total monthly debts under about 43% to 50% of gross income. Student loans and car payments count; utilities and groceries do not.
Credit score620 opens conventional, 580 opens FHA with 3.5% down, and below that there are still routes. Score is a gate, not a verdict.
Down paymentFrom nothing on VA and USDA, 3% on some conventional programs, 3.5% on FHA. Gift funds are allowed on most, with a paper trail.
EmploymentTwo years of history is the standard, but not necessarily two years in the same job. A move within the same field is usually fine.
Assets and reservesEnough for the down payment, closing costs, and on some programs a few months of payments in reserve afterwards.

Three minutes

Find out where you stand on this program.

The qualifier asks five questions and comes back with the programs you fit and an estimated monthly payment. It does not run a credit check to do it.

  • No credit check to get an answer
  • An estimated payment before anyone calls you
  • Routed to a named loan officer, not a queue

See what you qualify for

Free

Questions

The ones people actually ask.

Does getting pre-approved hurt my credit?
The qualifier on this site does not touch your credit at all. A full pre-approval does involve a credit pull, and multiple mortgage inquiries inside a short window are scored as one event precisely so that shopping around is not penalised.
How much do I actually need for a down payment?
Less than most people assume. VA and USDA can be zero, FHA is 3.5%, and there are conventional programs at 3%. The larger question is usually closing costs, which run roughly 2% to 5% of the price and can sometimes be covered by the seller.
How long is a pre-approval good for?
Usually 60 to 90 days. Refreshing it is a small amount of work, not a new application, so a search that runs long is not a problem.
Can I buy with a 1099 or self employed income?
Yes. If your tax returns show enough income, a standard program works. If they do not, a bank statement loan looks at deposits instead. Diego on our team does this all day.

Who handles home purchase loans

Cole Wall

Loan Officer · NMLS #2808449

Cole thinks an informed buyer is a confident buyer, so he will not let you sign anything you cannot explain back to him.

Read the full profile (714) 469-9577

Other programs

Compare it against the alternatives.

Most borrowers fit more than one program. Which one is best depends on how long you will hold the loan, not only on what you qualify for today.

Buying a homePurchase loans RefinancingLower it or shorten it ConventionalFrom 3% down FHA3.5% down, 580+ VANo down payment USDAZero down, eligible areas JumboAbove the limit Bank statementSelf employed InvestorDSCR and short sales CommercialFive units and up

Get a straight answer before you commit to anything.

Three minutes, no credit check, no obligation, and a named loan officer on the other end of it.

See what I qualify for Or call (714) 469-9577

August Mortgage Group, NMLS #2642110. Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval and property appraisal.