FAQ

What is a mortgage broker?

A mortgage broker is a professional who acts as an intermediary between lenders and borrowers. They help borrowers find the best mortgage products for their individual needs and financial situations.

What types of home loans do you offer?

We offer a variety of home loans, including conventional loans, VA loans, FHA loans, USDA loans, and hard money loans. Our brokers will work with you to find the best mortgage product for your needs.

What are VA home loans?

VA home loans are mortgage loans that are guaranteed by the Department of Veterans Affairs (VA). These loans are available to eligible veterans, service members, and surviving spouses, and offer competitive rates and favorable terms.

What are USDA loans?

USDA loans are mortgage loans that are guaranteed by the United States Department of Agriculture. These loans are designed to help low- and moderate-income borrowers in rural areas purchase homes.

What are conventional loans?

Conventional loans are mortgage loans that are not guaranteed by the government. They are typically offered by private lenders and require a down payment and good credit score.

What are hard money loans?

Hard money loans are a type of loan that is secured by real estate. These loans are typically used by real estate investors and offer fast approval and funding, but come with higher interest rates and fees.

What are your rates like?

Our rates vary depending on the type of mortgage product and the individual borrower’s financial situation. We strive to offer competitive rates and transparent fees, and we will explain all costs associated with your mortgage so you can make informed decisions.

How do I apply for a mortgage with your company?

You can start the application process by filling out a form on our website, calling our office, or scheduling an appointment with one of our brokers. We will guide you through the application process and help you gather the necessary documentation.

What types of mortgages do you offer?

We offer a variety of mortgage options, including conventional loans, FHA loans, VA loans, and USDA loans. Our brokers will work with you to find the best mortgage product for your individual needs and financial situation.

How do I apply for a mortgage with Mija Mortgage?

What are your rates and fees?

Our rates and fees vary depending on the type of mortgage product and the individual borrower’s financial situation. We strive to provide competitive rates and transparent fees, and we will explain all costs associated with your mortgage so you can make informed decisions.

How long does the mortgage process take?

The mortgage process can vary in length depending on a variety of factors, including the type of mortgage product, your credit score, and the complexity of your financial situation. Our brokers will keep you informed throughout the process and do their best to make it as efficient as possible.

Do you offer any educational resources for homebuyers?

Yes, we offer a variety of educational resources to help our clients make informed decisions about their mortgage options. We provide online calculators, in-person workshops, and one-on-one consultations to ensure that you understand the mortgage process and are comfortable with your options.

Are you only available to veterans?

No, we serve both veterans and the general public. While we are a veteran-owned business and are committed to helping veterans secure financing, we are proud to offer our services to all homebuyers.

VA FAQ

Here is a list of frequently asked questions about VA Home Loans along with their answers:

How do I get a Certificate of Eligibility?

You can obtain a Certificate of Eligibility (COE) by either applying online through the VA’s eBenefits portal, submitting a request through your lender, or by mailing a completed VA Form 26-1880 to the VA.

Can my lender get my Certificate of Eligibility for me?

Yes, your lender can help you obtain your Certificate of Eligibility by requesting it on your behalf through the VA’s online portal or by submitting the necessary documentation.

Do VA loans require a home appraisal to qualify?

Yes, VA loans require a home appraisal to determine the value of the property and ensure that it meets the Minimum Property Requirements (MPRs) set by the VA.

What documents do I need to qualify for a VA loan?

The documents required to qualify for a VA loan may vary depending on the lender, but generally, you will need proof of income, employment history, credit information, bank statements, and a Certificate of Eligibility.

Do all lenders offer VA loans?

No, not all lenders offer VA loans. It is important to find a lender who is approved by the VA to offer VA home loans.

Are there closing costs associated with a VA loan?

Yes, there are closing costs associated with a VA loan. However, the VA limits the closing costs that veterans can pay, and some of these costs can be negotiated with the seller.

What credit score is needed for a VA loan?

There is no specific minimum credit score requirement for a VA loan

How many times can I use my VA Home Loan benefit?

In most cases, your VA Home Loan benefit can be used multiple times. As long as you have paid off your previous VA loan or sold the property, you can reuse your benefit.

Who are the people most qualified for a VA Home Loan?

Active duty service members, veterans, National Guard members, reservists, and surviving spouses of service members may be eligible for a VA Home Loan.

USDA FAQ

Here is a list of frequently asked questions and answers about USDA loans:

What is a USDA single-family guaranteed home loan?

A USDA single-family guaranteed home loan is a type of mortgage program offered by the United States Department of Agriculture (USDA) to help low- to moderate-income homebuyers purchase homes in rural areas.

What is the USDA loan guarantee?

The USDA loan guarantee is a promise made by the USDA to the lender that they will repay a portion of the loan if the borrower defaults

Are only first-time homebuyers eligible for USDA loans?

No, USDA loans are available to both first-time and repeat homebuyers.

Is there an income limit to qualify for a USDA loan?

Yes, USDA loans are designed to assist low- to moderate-income home buyers. General eligibility is determined based on the location of the property and the applicant’s income.

What are the types of loans offered by the USDA?

The USDA offers various loan programs, including the Single-Family Housing Guaranteed Loan Program, the Single-Family Housing Direct Home Loans Program, and the Rural Repair and Rehabilitation Loans and Grants Program.

Are USDA loans credit flexible?

Yes, USDA loans have flexible credit requirements, making it accessible to borrowers with less-than-perfect credit scores.

What factors could lead to the denial of a USDA loan?

Some factors that could lead to the denial of a USDA loan include unverifiable income, undisclosed debt, or having too much household income for the area.

What do underwriters look for in a USDA loan application?

Underwriters assess various factors in a USDA loan application, including household income, ratios such as debt-to-income and payment-to-income ratios, and the applicant’s credit score and history.

How does a USDA loan work?

A USDA loan is a government-backed mortgage program that allows buyers to purchase homes in less-dense parts of the country with no down payment. The interest rates and payments are lower compared to other government-backed programs like FHA and VA loans.

Please note that this information is based on the search results obtained from the provided sources. For more specific and up-to-date details, it is recommended to consult with a qualified mortgage lender or the official USDA website.

Refinance FAQ

Here are some frequently asked questions and answers about refinancing your home:

What is home refinancing?

Home refinancing is the process of obtaining a new mortgage loan to replace your existing one, usually with better terms such as a lower interest rate or monthly payment

Why should I consider refinancing my home?

There are several reasons to consider refinancing your home, including:

Lowering your interest rate and monthly mortgage payment.
Shortening the loan term to pay off your mortgage faster.
Accessing equity for home improvements or other financial needs.
Switching from an adjustable-rate mortgage to a fixed-rate mortgage, or
vice versa.
Consolidating high-interest debt into your mortgage.

How do I determine if refinancing is a good option for me?

It’s important to consider factors such as the current interest rates, your credit score, the length of time you plan to stay in your home, and any associated fees or costs. You can use online calculators or consult with a mortgage professional to assess the potential savings or benefits.

What documents do I need to refinance my home?

The required documents may vary depending on the lender, but typically include:

Proof of income, such as pay stubs or tax returns.
Bank statements and asset documentation.
Recent mortgage statements.
Proof of homeowners insurance.
Identification documents.

What are the costs associated with refinancing?

Refinancing your home involves various costs, including origination fees, appraisal fees, closing costs, and prepayment penalties (if applicable). It’s important to carefully review these costs and consider them in relation to the potential savings from refinancing.

How long does the refinancing process take?

The refinancing process usually takes around 30 to 45 days, but it can vary depending on factors such as the lender’s efficiency, the complexity of your financial situation, and any delays in document submission or appraisal.

Can I refinance if I have bad credit?

While having good credit is generally beneficial for refinancing, there are options available for individuals with less-than-perfect credit. You may still be able to refinance but might face higher interest rates or additional requirements

Can I refinance if I don't have much equity in my home?

It’s possible to refinance with limited equity, but the options may be more limited. Certain government-backed loan programs, such as the FHA Streamline Refinance, allow homeowners to refinance with minimal equity requirements.

Remember, it’s always a good idea to consult with a mortgage professional or financial advisor to evaluate your specific situation and determine if refinancing is the right choice for you. I hope you find this list of frequently asked questions and answers regarding refinancing your home helpful. If you have any more specific questions or need further assistance, feel free to ask!

Conventional FAQ

Conventional Home Loan:

What is a conventional home loan?

A conventional home loan is a type of mortgage that is not insured or guaranteed by the government. It is typically offered by private lenders, such as banks or credit unions.

How is a conventional home loan different from other types of mortgages?

Unlike government-backed loans (such as FHA or VA loans), conventional home loans are not insured or guaranteed by the government. They often have stricter eligibility requirements and may require a higher down payment.

How much do I need for a down payment on a conventional home loan?

The minimum down payment required for a conventional home loan is typically 3% of the purchase price for first time homeowners, although a larger down payment can help you secure a better interest rate and lower monthly payments.

What credit score do I need to qualify for a conventional home loan?

The exact credit score requirement can vary depending on the lender.

Can I use a conventional home loan to buy a second home or investment property?

Yes, it is possible to use a conventional home loan to finance a second home or an investment property. However, the down payment and eligibility requirements may be different compared to buying a primary residence.

How long does it take to get approved for a conventional home loan?

The time it takes to get approved for a conventional home loan can vary depending on factors such as your financial situation, the lender’s process, and the current market conditions. In general, it can take anywhere from a few weeks to a couple of months.

Can I refinance a conventional home loan?

Yes, it is possible to refinance a conventional home loan. Refinancing can help you lower your interest rate, shorten the loan term, or access the equity in your home.

What happens if I can't make my mortgage payments on a conventional home loan?

If you are unable to make your mortgage payments, you may risk foreclosure. It’s important to contact your lender as soon as possible to discuss your options, such as loan modification or forbearance.

Please note that while these answers provide general information about conventional home loans, it’s always best to consult with a mortgage professional or lender for specific advice related to your individual circumstances.

FHA FAQ

List of frequently asked questions and answers about the FHA home loan:

What is an FHA loan?

An FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA). It is designed to help borrowers with low credit scores and a smaller down payment to qualify for a home loan.

What are the benefits of an FHA loan?

One benefit of an FHA loan is that it allows people to become homeowners more quickly than with a conventional loan. Additionally, FHA loans have lower credit score and down payment requirements compared to conventional loans

How much down payment is required for an FHA loan?

The down payment requirement for an FHA loan is usually 3.5% of the purchase price of the home.

Can I use an FHA loan to buy a fixer-upper?

Yes, you can use an FHA 203(k) loan to purchase a fixer-upper property and finance the cost of repairs and renovations into the loan.

Can I refinance an existing loan into an FHA loan?

Yes, it is possible to refinance an existing loan into an FHA loan through a process called streamline refinancing. This can be beneficial if you want to take advantage of lower interest rates or reduce your monthly mortgage payments.

Are FHA loans assumable?

Yes, FHA loans are assumable, which means that a buyer can take over the existing FHA loan from the seller. This can be advantageous if the current interest rate on the loan is lower than the market rate.

What is the FHA 100 mile rule?

The FHA 100 mile rule states that if you’re planning to move from one FHA residence to another within 100 miles, you must qualify for both mortgage payments. Rental income from the prior residence may not be counted when using an FHA loan on the new home.

Can I use an FHA loan to buy a second home or investment property?

No, FHA loans are intended for primary residences only and cannot be used to finance second homes or investment properties.