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Frequently Asked Questions

What is the minimum down payment for a mortgage?

  • VA Loan: 0% 

  • USDA Loan: 0%

  • Conventional 97% LTV Loan: 3%

  • HomeReady/HomePossible Loan: 3%

  • FHA Loan: 3.5%

What credit score minimum is required to qualify for a mortgage?

  • VA Loan: 640 (Variable)

  • USDA Loan: 640 (Variable)

  • Conventional: 620 (Variable)

  • FHA: 580

Can cash gifts be used as a down payment?

Yes. Make sure the gift is made using a personal check, cashier's check, or a wire, and keep all records of the gift.

How long will it take to close my loan?

This depends on many factors....but in general we can close a loan in under 30 days from start to finish. 
With exception, we can close faster....especially if you opt into our Upfront Approval program.

Can I get advice from the Brendan Donelson Mortgage Team even if I am not ready to apply?

Absolutely! Our team is happy to help educate and strategize a plan for your future. Our Smart Start meeting is designed for anyone looking for a home now or 1 year from now.

When should I consider refinancing my loan?

Refinancing your home loan is a great idea if it allows you to:

  • Lower your interest rate enough to justify closing costs (even 1% can be enough to make refinancing worthwhile) 

  • Refinance from an adjustable-rate mortgage to a fixed-rate mortgage 

  • Get a lower interest rate/loan term

  • Tap into your home’s equity to consolidate debt or make expensive home improvements

FAQ: FAQ

Licensed by Guild Mortgage Company

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