Home Mortgage Loans

The right mortgage loan will bring you home.

Take the first step in finding the right home loan for you.

The Mortgage Process


Thinking about buying a home? Firstly, Prequalify for your mortgage to estimate what you can borrow.

Happy homebuyers complete their prequalification application for their mortgage loan.

Secondly, we will connect you with your local Savvy Homebuying Expert to tour homes that meet your needs.

Happy house hunters tour homes with their real estate agent.
Approve and Move

Lastly, once you’ve found the right home and secured a purchase contract with the seller. At that time we will begin the loan underwriting and home loan approval process.

Happy savvy homebuyers pose holding the keys to their first home in front of them.

Types of Mortgage Loans

It is important to know that there are various types of home loans to choose from, each with its own features and benefits. When comparing loan products, it’s important to consider factors such as interest rates, loan terms, down payment, and closing costs. If you are curious about which loan best fits your personal situation complete our 60-Second Buyer Power Approval and then we will connect you to your personal mortgage professional to review your situation.


The conventional loan remains the most popular home loan option among home buyers. Fannie Mae and Freddie Mac set the lending rules for conventional loans. Homebuyers with scores as low as 620 may qualify for 3% down payment financing. 


First-time home buyers with credit scores below 620 may find it more cost-effective to use a loan backed by the Federal Housing Administration (FHA). At the present time, homebuyers may qualify with only a 3.5% down payment and a 580 credit score. FHA Loan limits do apply.


Your military service may make you eligible for a no-down payment loan backed by the U.S. Department of Veterans Affairs (VA). The VA Loan often has lower interest rates and lower monthly payments due to the no monthly mortgage insurance required. There is no minimum credit score for the VA Loan.

Learn more…


This loan program is guaranteed by the U.S. Department of Agriculture (USDA) and allows for no down payment financing to help low- to moderate-income earners buy homes in select rural areas.

How to qualify for a home loan

All in all, mortgage lenders assess four factors – down payment, credit score, income, and debt-to-income ratio – to determine the amount they are willing to lend you. They consider your down payment as a sign of your commitment and financial ability, while your credit score shows your creditworthiness. Additionally, lenders look at your income to ensure you have enough to repay the loan. Lastly, they consider your debt-to-income ratio to gauge your ability to manage monthly loan payments alongside other bills.

Your Credit Scores

Firstly, your credit score plays a crucial role in the home loan approval process. A higher credit score shows responsible financial habits and can lead to better interest rates and loan terms.

Your Income and Employment History

Secondly, your income provides a measure of your ability to repay the loan. While your employment history shows stability and consistency in your earnings.

Your Down Payment

Thirdly, for the best mortgage rate, savvy homebuyers aim for a credit score of 780 and a down payment of 25%. In the event that your credit score falls between 620 and 700, the new changes may offer a better rate with a down payment ranging from 20% to 30%.

Your Debt To Income Ratio

Finally, fourth, your monthly income is divided by your monthly debt, including the new mortgage payment, to calculate your debt-to-income (DTI) ratio. The desired DTI ratio is 43%, but exceptions may be made if you have substantial savings and an excellent credit score.

In the event that your DTI ratio exceeds 40%, conventional lenders may impose an additional charge. However, these changes won’t take effect until August 1, allowing you time to pay off debts if you’re planning on obtaining a mortgage in the fall.

commonly asked questions

How long will it take to pre-qualify for a mortgage?

A mortgage pre-qualification letter can be provided on the same day if the borrower submits their application and needed documentation. This letter will give you the ability to see homes with a licensed professional.

How does my credit score impact my ability to get a mortgage?

Your credit score plays a big role in the home loan amount that you approved. The higher your credit score, the better your chances you have of approval and securing favorable mortgage rates.

What documents will a lender require from me to approve my home loan?

Some of the most common documents include proof of income, tax returns, bank statements, and employment verification. It’s important to have these documents ready and organized to streamline the application process and help ensure timely approval.

How does my employment history impact my mortgage application?

Lenders typically require borrowers to demonstrate a history of consistent employment or exhibit at least two years of experience in the same field or industry.

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