How much do I need for a down payment?

As little as 0% for eligible VA and USDA borrowers, 3% on some conventional loans for qualified buyers, and 3.5% on FHA loans with a 580+ credit score. Putting more down lowers your payment and can remove mortgage insurance.

What's the difference between pre-qualification and pre-approval?

Pre-qualification is an estimate based on what you tell us, with no credit check. Pre-approval verifies your income, assets and credit, and gives you a letter sellers take seriously.

Are there programs for first-time buyers?

Yes. Conventional options like HomeReady and Home Possible start at 3% down, FHA starts at 3.5%, and many states and cities offer down payment assistance. A loan officer can check which ones you qualify for.

How long does it take to close?

Typically [30 to 45] days from application, depending on the appraisal, underwriting and title. Getting pre-approved before you shop usually shortens it.

What credit score do I need to buy a house?

FHA loans allow scores as low as 580 with 3.5% down. For conventional loans, most lenders and mortgage insurers look for 620 or higher. VA loans have no government minimum, though lenders set their own.

Does checking my options affect my credit?

No. Answering GoBig6's six questions doesn't pull your credit. A credit check happens only when you choose to apply, and you'll be told before it does.

What debt-to-income ratio do I need?

Many lenders like your total monthly debts, including the new mortgage, at or below 43% of your gross income. Some programs go higher with strong credit or savings.

When does refinancing make sense?

When your monthly savings cover the closing costs before you plan to move or refinance again. Divide the total costs by the monthly savings to find your break-even month.

How much cash can I take out?

Most cash-out refinances let you borrow up to 80% of your home's value, minus what you owe. VA cash-out can go higher for eligible veterans. A HELOC is another way to tap equity and keep your current rate.

Can I refinance with less paperwork?

If you have an FHA or VA loan, FHA Streamline and VA IRRRL refinances can lower your rate with fewer documents and often no appraisal.

How much are closing costs?

Typically 2% to 5% of the loan amount. Your Loan Estimate lists every fee within 3 business days of applying, so you can compare before you commit.

What is PMI, and how do I remove it?

Private mortgage insurance applies to conventional loans with less than 20% down. You can ask to remove it once you reach 80% of the original value, and it ends automatically at 78%.

What's the difference between rate and APR?

The rate sets your monthly payment. APR adds most lender fees and mortgage insurance, so it shows the full yearly cost of the loan. Compare APRs when you compare lenders.

Can I get a mortgage if I'm self-employed?

Yes. Besides standard loans that use two years of tax returns, bank statement loans let you qualify using 12 or 24 months of personal or business deposits.

What is a bank statement loan?

A Non-QM loan that uses 12 or 24 months of bank deposits to figure your income instead of tax returns. Rates are usually higher than conventional loans, in exchange for the flexibility.

An investor loan that qualifies on the rental property's income compared with its monthly payment. Your personal income isn't used to qualify.

How much equity do I need to refinance my mortgage?

It depends on the refinance type. Fannie Mae allows a rate-and-term refinance up to 95% LTV, or 97% on a one-unit fixed-rate loan it owns, so 3%–5% equity can work. Conventional cash-out tops out at 80% LTV on a one-unit primary home, so you keep at least 20% equity. FHA, VA and USDA streamlines usually skip the appraisal, so equity isn't measured the same way.

What credit score do I need to refinance?

There's no single number. Fannie Mae removed its 620 minimum for loans run through Desktop Underwriter in November 2025, but most lenders still set their own floor, often around 620 for conventional loans. FHA, VA and USDA streamlines lean more on your recent mortgage payment history. A higher score usually gets better pricing, and requirements vary by lender and program.

Does refinancing hurt your credit score?

Usually only a little, and for a short time. The lender pulls your credit, and the new loan replaces an older account. According to the CFPB, multiple credit checks from mortgage lenders within 45 days count as a single inquiry, so comparing two or three lenders doesn't multiply the hit. Keep paying your current loan on time until the payoff is final.

Can I refinance with my current lender?

Yes, and it's worth asking, but compare at least one other Loan Estimate. Your current lender already knows your payment history, which may make the process simpler. One difference to know: under Regulation Z, a refinance with the lender that already holds your loan doesn't carry the 3-day right to cancel, except on any new money above your balance and refinance costs.

Do I need an appraisal to refinance?

Not always. Fannie Mae may offer value acceptance, its appraisal waiver, on some rate-and-term refinances up to 90% LTV and some cash-out refinances up to 70% LTV on a primary home. FHA Streamline, VA IRRRL and USDA Streamlined-Assist loans generally don't need a new appraisal. The lender's underwriting system decides whether a waiver is offered on your loan.

How many times can you refinance your mortgage?

No rule caps how many times you can refinance. What limits you is timing and cost. Conventional cash-out needs a first mortgage that's 12 months old, streamlines need 180 to 210 days, and every refinance has closing costs that must pay back before the next one. Some loans also carry prepayment penalties, so check your note first.

Can I refinance if I'm behind on my mortgage?

It's hard. HUD requires an FHA loan to be current for an FHA Streamline, and VA requires full credit underwriting on an IRRRL when the loan is 30 or more days past due. USDA Streamlined-Assist allows no late payment over 30 days in the last 180 days. If you're struggling, call your servicer about a loan modification first, since that option is built for hardship.

Can I refinance an FHA loan into a conventional loan?

Yes. Many homeowners do it to drop FHA mortgage insurance, which lasts the life of the loan on many FHA loans. A conventional loan needs no PMI at 80% LTV or less, and lender credit minimums apply. Our FHA to conventional guide compares switching with staying put, including the equity you need first.

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