At Steelman Mortgages, we get a lot of questions from first-time and repeat homebuyers. Educating homebuyers and homeowners is something we are passionate about. We want to make sure that the mortgage process to be as easy as possible and that you sign on a home loan which is the right individual fit for your needs.
So, we would like to answer a few of our most frequently asked questions below.
If you are looking for more detailed information on any of these topics, or if you have questions about mortgages that we have not answered here, please call (916) 847-7263 to schedule a consultation.
What is the rate?
The interest rate for a home loan depends on a number of factors. These include the type of loan you apply for, going rates at that time, and individual factors such as your credit score, debt-to-income (DTI) ratio, and income.
What is the minimum credit score?
The minimum credit score to apply successfully for a mortgage depends on the type of loan you are applying for.
We can connect you with government-backed loan programs such as FHA, USDA and VA which are aimed at homebuyers who do not have perfect credit scores.
What is the cut-off for the best interest rate?
This, too, depends on the type of mortgage you are applying for as well as other factors in your borrower profile such as your income and DTI ratio.
What is the down payment on a conventional loan?
There are advantages to making a 20% down payment on a home with a conventional mortgage, but you may qualify for a lower down payment.
In fact, conventional loans may have down payments as low as 3% for borrowers with competitive credit scores, income levels, and DTI ratios.
How can I buy a home with a low down payment?
With a strong borrower profile, you might be able to buy a home with a low down payment using a conventional loan.
But even if you do not have ideal credit, buying a home in California with a low down payment is still possible.
Government-insured loans through the USDA, VA and FHA mortgage programs help offset the risk associated with lower credit scores, allowing lenders to offer competitive rates and low or no down payment.
FHA mortgages come with down payment requirements as low as 3.5%. Eligible borrowers buying a home with a USDA or VA loan can do so with no down payment.
Who can apply for an FHA loan?
Both first-time and repeat homebuyers are welcome to apply for FHA mortgages.
Am I eligible for a VA loan?
If you are a veteran, active-duty service member, or surviving spouse, you may qualify for a VA mortgage.
To determine your eligibility, we will need to take a look at your service record, which we can do during your consultation.
No matter how long ago you performed your service, you can use a VA mortgage, because they do not expire.
Also, did you take out a VA mortgage in the past? If so, that does not affect your eligibility for taking out another VA loan now.
What is difference between a mortgage broker and a lender?
A mortgage broker is a company that can connect you with loan products from multiple lenders.
In doing so, the broker saves you considerable time and research by shopping for the most competitive rates.
A broker also may be able to bring you deals which are not advertised to the public, but are only available through the broker’s established relationship with he lender.
Cindy Steelman works with a wide network of lenders throughout El Dorado, Placer and Sacramento counties, and beyond.
So, wherever you are shopping for a home in California, Cindy can help you find your ideal loan.
Cindy Steelman Can Answer All Your Mortgage Questions
Have more questions about mortgages? Cindy Steelman can provide you with the thorough, patient, transparent answers you are looking for, helping you cut through the clutter of the mortgage process. To schedule your consultation now, please call (916) 847-7263.
We have worked with Cindy for the last 8 years doing a home mortgage and two refinances with her. She is a pleasure to work with. She always gets back to you fast and answers all queries with great patience. She gets you the best rate and is always on top of things. Her loans close on time and with least hassle, because she is so organised. I would highly recommend her for your mortgage needs.read more
Cindy is knowledgeable and straight forward. I know I can trust her to give unbiased advice to my clients and myself. She is personable and very fast at getting right back to me on any questions I have.read more
I have been working with Cindy for the last several years. I consistently refer my best clients to Cindy because I know they will be well taken care of. She takes the time to understand my clients needs and fights to get them the best product for their lending needs. If you are considering a new home purchase, or refinance of an existing loan, do yourself a favor and call Cindy.read more
Cindy has a lot of experience in mortgage and can help you with all of your mortgage needs. Cindy is extremely knowledgeable in her industry. Cindy helps people qualify for a loan if they don't think they can qualify. Give her a call today!read more
Steelman Mortgages Sponsored by United Lending Partners Company DRE# 02012818 Company NMLS# 1525816. All information contained herein is for informational purposes only and while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies subject to change without notice. This is not an offer to extend credit or commitment to lend. Although and subject to underwriting approval. Some products may not be available in all states and restrictions apply.