id string | question string | answer string | bluf string | category string | tags list | expert string | source string | relatedQuestions list | publisher string | website string | lastUpdated timestamp[s] |
|---|---|---|---|---|---|---|---|---|---|---|---|
fha-credit-min | What credit score do I need for an FHA loan? | FHA requires a minimum 580 credit score for 3.5% down payment. Scores 500-579 can qualify with 10% down. Most lenders prefer 620+ for best rates. | 580 for 3.5% down, 500-579 for 10% down. | fha | [
"credit",
"fha",
"minimum-requirements"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-down-payment | How much down payment do I need for FHA? | FHA requires just 3.5% down with a 580+ credit score. For example, a $300,000 home needs only $10,500 down. Gift funds from family are allowed for the entire down payment. | 3.5% down with 580+ credit. Gift funds allowed. | fha | [
"down-payment",
"fha",
"gift-funds"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"gift-funds-rules"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-mip-cost | How much is FHA mortgage insurance (MIP)? | FHA charges 1.75% upfront MIP (can be financed) plus 0.55% annual MIP for loans over 95% LTV. On a $300,000 loan, that's $5,250 upfront and $137.50/month. | 1.75% upfront + 0.55% annual for most loans. | fha | [
"mip",
"fha",
"mortgage-insurance",
"costs"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-mip-removal",
"pmi-vs-mip"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-mip-removal | Can I remove FHA mortgage insurance? | For loans with less than 10% down, FHA MIP lasts the life of the loan. The only way to remove it is to refinance into a conventional loan once you have 20% equity. | MIP is for life with less than 10% down. Refinance to remove. | fha | [
"mip",
"fha",
"refinance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-mip-cost",
"conventional-pmi-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-loan-limits-2026 | What are the FHA loan limits for 2026? | The 2026 FHA floor (low-cost areas) is $541,287 for a single-family home. High-cost areas can go up to $1,249,125. Most Southeast markets use the floor limit. | $541,287 floor, up to $1,249,125 in high-cost areas. | fha | [
"loan-limits",
"fha",
"2026"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"conforming-limits-2026",
"jumbo-loan-definition"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-dti-limit | What is the maximum debt-to-income ratio for FHA? | FHA allows up to 43% DTI standard, but can go to 50% with compensating factors like cash reserves, minimal payment increase, or residual income. Front-end ratio should be under 31%. | 43% standard, up to 50% with compensating factors. | fha | [
"dti",
"fha",
"qualification"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"compensating-factors"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-eligibility | How do I know if I qualify for a USDA loan? | USDA eligibility requires: 1) Property in USDA-eligible area (97% of US land), 2) Household income under 115% of area median, 3) US citizenship or permanent residency, 4) Acceptable credit history. | Eligible area + income under 115% AMI + acceptable credit. | usda | [
"usda",
"eligibility",
"requirements"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-income-limits",
"usda-eligible-areas"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-income-limits | What are the USDA income limits for 2026? | Base USDA income limits for 2026: $119,850 for 1-4 person household, $158,250 for 5-8 person household. Higher-income counties have adjusted limits based on area median income. | $119,850 for 1-4 people, $158,250 for 5-8 people (base). | usda | [
"usda",
"income-limits",
"2026"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-household-size"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-zero-down | Is USDA really zero down payment? | Yes! USDA is a true $0 down program. You can even finance closing costs into the loan or negotiate seller credits. USDA charges a 1% upfront fee and 0.35% annual fee instead of a down payment. | Yes, 100% financing with $0 down. 1% upfront fee + 0.35% annual. | usda | [
"usda",
"down-payment",
"zero-down"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-fees",
"usda-vs-fha"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-fees | What are the USDA loan fees? | USDA charges a 1% upfront guarantee fee (can be financed) and 0.35% annual fee. On a $250,000 loan: $2,500 upfront + $72.92/month. Compare to FHA's 1.75% + 0.55% - USDA saves significantly. | 1% upfront + 0.35% annual. Much cheaper than FHA. | usda | [
"usda",
"fees",
"costs"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-vs-fha",
"fha-mip-cost"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-vs-fha | Is USDA or FHA better? | USDA wins if you qualify: $0 down vs 3.5%, lower fees (0.35% vs 0.55% annual), and often lower rates. USDA requires eligible location and income limits. FHA has no location restrictions and higher income limits. | USDA if you qualify (eligible area + income). FHA otherwise. | usda | [
"usda",
"fha",
"comparison"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"fha-down-payment"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-eligible-areas | What areas are USDA eligible? | 97% of US land is USDA eligible, including many suburbs. Generally, areas with population under 35,000 qualify. Check USDA's eligibility map or ask us - many areas near Memphis, Nashville, Atlanta suburbs qualify. | 97% of US land qualifies. Many suburbs are eligible. | usda | [
"usda",
"eligibility",
"location"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-income-limits"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-eligibility | Who qualifies for a VA loan? | VA loans are available to: veterans with 90+ days wartime or 181+ days peacetime service, active duty after 90 days, National Guard/Reserves with 6+ years, and surviving spouses of veterans who died in service. | Veterans, active duty, Guard/Reserves, eligible surviving spouses. | va | [
"va",
"eligibility",
"veterans"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-coe",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-zero-down | Is VA really zero down payment? | Yes! VA is a true $0 down program with no monthly mortgage insurance. The only cost is a one-time funding fee (2.15% first use, 3.3% subsequent) which can be financed. Disabled veterans are exempt from the funding fee. | Yes, $0 down with no monthly PMI. One-time funding fee only. | va | [
"va",
"down-payment",
"zero-down"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-funding-fee",
"va-no-pmi"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-funding-fee | What is the VA funding fee for 2026? | First-time VA loan: 2.15% with $0 down, 1.5% with 5%+ down, 1.25% with 10%+ down. Subsequent use: 3.3% with $0 down. IRRRL refinance: 0.5%. Disabled veterans are exempt. | 2.15% first use ($0 down), 3.3% subsequent. Exempt if disabled. | va | [
"va",
"funding-fee",
"2026",
"costs"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-zero-down",
"va-disabled-exempt"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-no-pmi | Does VA have mortgage insurance? | No! VA loans have no monthly mortgage insurance (PMI/MIP) ever, regardless of down payment. This saves $100-$400/month compared to FHA or conventional with less than 20% down. | No PMI ever. Saves $100-$400/month vs other loans. | va | [
"va",
"pmi",
"savings"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-funding-fee",
"pmi-vs-mip"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-reuse | Can I use my VA loan benefit more than once? | Yes! VA entitlement is reusable. You can: 1) Pay off existing VA loan and reuse, 2) Sell home and restore entitlement, 3) Use remaining entitlement for second home. Subsequent use has higher funding fee (3.3%). | Yes, unlimited uses. Entitlement restores when previous VA loan is paid. | va | [
"va",
"entitlement",
"reuse"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-funding-fee",
"va-eligibility"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conventional-credit-min | What credit score do I need for a conventional loan? | Conventional loans require minimum 620 credit score. Best rates start at 740+. First-time buyers with 680+ can access 3% down programs like HomeReady and Home Possible. | 620 minimum, 740+ for best rates, 680+ for 3% down programs. | conventional | [
"conventional",
"credit",
"requirements"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"conventional-down-payment",
"homeready-requirements"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conventional-down-payment | How much down payment for conventional loan? | Conventional loans require 5% down standard, 3% for first-time buyers (HomeReady/Home Possible), or 20% to avoid PMI. Investment properties need 15-25% down. | 3-5% for primary home, 20% to avoid PMI, 15-25% for investment. | conventional | [
"conventional",
"down-payment"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"conventional-pmi-removal",
"homeready-requirements"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conventional-pmi-removal | When can I remove PMI from my conventional loan? | PMI automatically cancels at 78% LTV. You can request removal at 80% LTV with good payment history. With significant appreciation, order a new appraisal to prove you've reached 80% LTV sooner. | Auto-cancel at 78% LTV, request at 80%. Reappraisal can speed it up. | conventional | [
"conventional",
"pmi",
"removal"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-mip-removal",
"pmi-vs-mip"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conforming-limits-2026 | What are the conforming loan limits for 2026? | The 2026 conforming loan limit is $832,750 for a single-family home in most areas. High-cost areas can go up to $1,249,125. Loans above these limits are considered jumbo loans. | $832,750 baseline, up to $1,249,125 high-cost areas. | conventional | [
"loan-limits",
"conforming",
"2026"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-loan-limits-2026",
"jumbo-loan-definition"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-score-impact | How does credit score affect my mortgage rate? | Credit score significantly impacts your rate. Example on a $300K loan: 760+ gets ~6.25%, 700-759 gets ~6.5%, 660-699 gets ~6.875%, 620-659 gets ~7.25%. That's $50-150/month difference. | Every 20-point drop adds ~0.125-0.25% to your rate. | credit | [
"credit",
"rates",
"impact"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"improve-credit-fast",
"credit-score-myth"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
improve-credit-fast | How can I improve my credit score quickly for a mortgage? | Quick credit boosts: 1) Pay down credit cards under 30% utilization, 2) Become authorized user on old account, 3) Dispute errors on credit report, 4) Don't close old accounts, 5) Don't apply for new credit. | Pay cards under 30%, dispute errors, don't open new accounts. | credit | [
"credit",
"improvement",
"tips"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"credit-score-impact",
"credit-utilization"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-utilization | What credit utilization should I have for a mortgage? | Keep credit utilization under 30% for best scores, under 10% for optimal. If you have a $10,000 limit, keep balances under $3,000 (ideally under $1,000). Pay down before applying. | Under 30% required, under 10% optimal. | credit | [
"credit",
"utilization",
"tips"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"improve-credit-fast",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
gift-funds-rules | Can I use gift money for my down payment? | Yes! FHA, VA, and USDA allow 100% gift funds. Conventional requires 5% own funds for investment, but 100% gift for primary/second homes. Gifts must come from family (parent, sibling, grandparent) with a gift letter. | Yes. FHA/VA/USDA allow 100% gift. Need gift letter from family. | down-payment | [
"gift-funds",
"down-payment",
"family"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"down-payment-assistance"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
down-payment-assistance | Are there down payment assistance programs? | Yes! Many DPA programs exist: Tennessee Housing Development Agency (THDA) offers up to $15,000, many cities have first-time buyer programs, and some employers offer homebuyer assistance. Ask us about programs in your area. | Yes. State, local, and employer programs available. THDA offers up to $15K. | down-payment | [
"dpa",
"down-payment",
"assistance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"first-time-buyer-programs",
"gift-funds-rules"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
dti-calculation | How is debt-to-income ratio calculated? | DTI = monthly debts ÷ gross monthly income. Include: mortgage payment (PITI), car loans, student loans, credit card minimums, child support. Don't include: utilities, insurance, groceries, subscriptions. | Monthly debts ÷ gross income. Include loans, cards, support payments. | income | [
"dti",
"calculation",
"qualification"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-dti-limit",
"what-income-counts"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
what-income-counts | What income can I use to qualify for a mortgage? | Qualifying income: W-2 wages, salary, bonuses (2-year history), self-employment (2-year average), Social Security, disability, pension, alimony/child support (if continues 3+ years), rental income (75% of rent). | W-2, salary, 2-year self-employment, SS, pension, alimony, rental income. | income | [
"income",
"qualification",
"types"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"self-employed-mortgage",
"dti-calculation"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
self-employed-mortgage | Can I get a mortgage if I'm self-employed? | Yes! Self-employed borrowers need 2 years of tax returns and YTD profit & loss. Income is averaged, so consistency matters. Bank statement loans are available if tax returns show low income due to write-offs. | Yes with 2 years tax returns. Bank statement loans if write-offs reduce income. | income | [
"self-employed",
"income",
"qualification"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"what-income-counts",
"bank-statement-loans"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
student-loans-mortgage | Can I buy a house with student loans? | Yes! Lenders use your monthly payment, not total balance. FHA uses 0.5% of balance OR actual IBR payment. If you owe $100K on IBR at $200/month, lenders use $200, not $500. IDR plans help qualification. | Yes. Monthly payment counts, not balance. IBR/IDR helps qualification. | income | [
"student-loans",
"debt",
"qualification"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"fha-dti-limit"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
pre-approval-process | How do I get pre-approved for a mortgage? | Pre-approval requires: 1) Complete application, 2) Credit check, 3) Income documentation (pay stubs, W-2s, tax returns), 4) Asset statements (bank accounts), 5) ID verification. Takes 1-3 days. Pre-approval letter valid 60-90 days. | Application + credit + income docs + assets = 1-3 days. Valid 60-90 days. | process | [
"pre-approval",
"process",
"documents"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"documents-needed",
"pre-approval-vs-prequalification"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
documents-needed | What documents do I need for a mortgage? | Standard documents: 2 years W-2s, 30 days pay stubs, 2 months bank statements, 2 years tax returns (if self-employed), ID (driver's license), Social Security card. Additional docs may be needed based on situation. | W-2s, pay stubs, bank statements, tax returns (self-employed), ID. | process | [
"documents",
"process",
"requirements"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"self-employed-mortgage"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
closing-timeline | How long does it take to close on a house? | Average closing time: 30-45 days from contract. Purchase timeline: pre-approval (1-3 days), home search (varies), under contract to close (30-45 days). Cash buyers can close in 7-14 days. | 30-45 days from contract. Pre-approval in 1-3 days. | process | [
"closing",
"timeline",
"process"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"closing-costs"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
closing-costs | What are typical closing costs? | Closing costs range 2-5% of loan amount. On a $300K loan: $6,000-$15,000. Includes: lender fees ($1,500-$3,000), title insurance ($1,500-$2,500), appraisal ($400-$600), prepaid taxes/insurance, escrow setup. | 2-5% of loan amount. Includes lender, title, appraisal, prepaids. | process | [
"closing-costs",
"fees",
"process"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"seller-concessions",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
seller-concessions | Can the seller pay my closing costs? | Yes! Seller concessions allowed: FHA up to 6%, VA up to 4% + all reasonable fees, USDA up to 6%, Conventional 3-9% based on down payment. Negotiate this in your offer. | Yes. FHA 6%, VA 4%+fees, USDA 6%, Conventional 3-9%. | process | [
"seller-concessions",
"closing-costs",
"negotiation"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"closing-costs",
"negotiation-tips"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rate-lock | What is a rate lock and when should I lock? | Rate lock guarantees your interest rate for a set period (typically 30-60 days). Lock when: under contract, rates are favorable, you're risk-averse. Float if: rates trending down, long closing timeline. We can advise based on market. | Guarantees rate for 30-60 days. Lock under contract or when rates favorable. | rates | [
"rate-lock",
"rates",
"timing"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"mortgage-rates-today",
"rate-buydown"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rate-buydown | Should I buy down my interest rate with points? | Points cost 1% of loan = ~0.25% rate reduction. Example: $3,000 on $300K loan saves ~$45/month. Break-even: 67 months (5.5 years). Buy points if staying 6+ years. Otherwise, keep cash for reserves. | 1 point = ~0.25% lower rate. Worth it if staying 6+ years. | rates | [
"points",
"buydown",
"rates"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"rate-lock",
"closing-costs"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
first-time-buyer-definition | What qualifies as a first-time home buyer? | First-time buyer = haven't owned a home in the past 3 years. This applies to programs like HomeReady, Home Possible, and many DPA programs. If divorced and ex-spouse kept the home, you may still qualify. | No homeownership in past 3 years. Includes divorced if ex kept home. | first-time-buyer | [
"first-time-buyer",
"definition",
"programs"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"first-time-buyer-programs",
"homeready-requirements"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
first-time-buyer-programs | What programs are available for first-time home buyers? | First-time buyer programs: FHA (3.5% down), HomeReady/Home Possible (3% down), USDA ($0 down if eligible), state DPA programs (grants/forgivable loans), employer assistance. Many require homebuyer education course. | FHA, HomeReady, USDA, state DPA programs. Many require education course. | first-time-buyer | [
"first-time-buyer",
"programs",
"assistance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"down-payment-assistance"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
homeready-requirements | What are HomeReady loan requirements? | HomeReady: 3% down, 620 credit, income limit 80% AMI, homebuyer education required. Benefits: lower PMI rates, boarder income counts, non-occupant co-borrowers allowed. Great for multi-generational households. | 3% down, 620 credit, income under 80% AMI, education required. | first-time-buyer | [
"homeready",
"conventional",
"first-time-buyer"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"first-time-buyer-programs",
"conventional-down-payment"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
house-hacking-basics | What is house hacking? | House hacking = buy a multi-family (2-4 units), live in one, rent the others. Rental income offsets mortgage. Many house hackers live for free or even cash flow positive. FHA allows 3.5% down on 2-4 units as primary residence. | Buy multi-family, live in one unit, rent others. FHA allows 3.5% down. | first-time-buyer | [
"house-hacking",
"investment",
"multi-family"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-multi-unit",
"rental-income-qualification"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
pmi-vs-mip | What's the difference between PMI and MIP? | PMI (Private Mortgage Insurance) is on conventional loans, cancellable at 80% LTV. MIP (Mortgage Insurance Premium) is on FHA loans, lasts life of loan with less than 10% down. USDA has a guarantee fee similar to MIP. | PMI = conventional, cancellable. MIP = FHA, usually life of loan. | process | [
"pmi",
"mip",
"mortgage-insurance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"conventional-pmi-removal",
"fha-mip-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
appraisal-low | What happens if the appraisal comes in low? | Low appraisal options: 1) Negotiate lower price with seller, 2) Pay difference in cash, 3) Challenge appraisal with comps, 4) Walk away (if appraisal contingency). Lender lends based on lower of purchase price or appraised value. | Renegotiate price, pay cash difference, challenge, or walk away. | process | [
"appraisal",
"low-appraisal",
"negotiation"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"closing-timeline",
"negotiation-tips"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
refinance-when | When should I refinance my mortgage? | Consider refinancing when: rates drop 0.5-1%+ below your current rate, you want to remove PMI/MIP, you need cash out, or to shorten term. Break-even: divide closing costs by monthly savings. If staying past break-even, refinance. | When rates 0.5-1%+ lower, to remove PMI, cash out, or shorten term. | rates | [
"refinance",
"rates",
"savings"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"rate-buydown",
"fha-mip-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
jumbo-loan-definition | What is a jumbo loan? | Jumbo loan exceeds conforming limit ($832,750 in 2026). Requirements: 10-20% down, 700+ credit, 43% max DTI, significant reserves. Rates may be slightly higher. Portfolio or non-QM lenders offer more flexibility. | Loan over $832,750. Needs 10-20% down, 700+ credit, more reserves. | conventional | [
"jumbo",
"loan-limits",
"high-balance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"conforming-limits-2026",
"conventional-credit-min"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
bankruptcy-mortgage | Can I get a mortgage after bankruptcy? | Yes, with waiting periods: Chapter 7 - 2 years (FHA/VA), 4 years (Conventional). Chapter 13 - 1 year into plan (FHA), 2 years after discharge (Conventional). Rebuild credit and save for down payment during wait. | Yes. Wait 2-4 years depending on bankruptcy type and loan program. | credit | [
"bankruptcy",
"credit",
"waiting-period"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"foreclosure-mortgage",
"improve-credit-fast"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
foreclosure-mortgage | Can I get a mortgage after foreclosure? | Yes, with waiting periods: FHA - 3 years, VA - 2 years, Conventional - 7 years (3 with extenuating circumstances). USDA - 3 years. Clock starts from foreclosure completion date. Rebuild credit during wait. | Yes. Wait 2-7 years depending on loan type. FHA/USDA fastest at 3 years. | credit | [
"foreclosure",
"credit",
"waiting-period"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"bankruptcy-mortgage",
"improve-credit-fast"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
investment-property-down | How much down payment for an investment property? | Investment property down payments: 15% (1 unit), 25% (2-4 units). Conventional only - FHA/VA/USDA require owner-occupancy. House hacking (live in one unit) allows 3.5% FHA on 2-4 units. | 15-25% down for investment. House hack with 3.5% FHA if living there. | conventional | [
"investment",
"down-payment",
"multi-family"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"house-hacking-basics",
"rental-income-qualification"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rental-income-qualification | How does rental income help me qualify? | Rental income counts at 75% (25% vacancy factor). If collecting $2,000/month rent, $1,500 counts as income. For house hacking, projected rent on other units offsets your housing payment in DTI calculation. | 75% of rental income counts. Offsets housing payment in DTI. | income | [
"rental-income",
"investment",
"qualification"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"house-hacking-basics",
"dti-calculation"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
co-signer-rules | Can I have a co-signer on my mortgage? | Yes! Non-occupant co-borrowers allowed on FHA, Conventional, and some other programs. Co-signer's income and credit help qualification. They're equally responsible for the debt. FHA allows family members only. | Yes. Co-borrower's income/credit helps. FHA = family only. | income | [
"co-signer",
"co-borrower",
"qualification"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"fha-dti-limit"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
condo-approval | Can I use FHA or VA to buy a condo? | Yes, if the condo complex is approved. FHA and VA maintain approved condo lists. Requirements: 50%+ owner-occupied, adequate reserves, no litigation, proper insurance. Check approval status before making offer. | Yes if complex is FHA/VA approved. Check approval before offer. | process | [
"condo",
"fha",
"va",
"approval"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-eligibility",
"va-eligibility"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
manufactured-home-financing | Can I finance a manufactured or mobile home? | Yes! FHA Title II for manufactured homes on permanent foundation. Conventional and USDA also available. Requirements: double-wide, built after 1976 with HUD tag, permanent foundation, titled as real property. | Yes. Must be double-wide, post-1976, permanent foundation, titled as real estate. | process | [
"manufactured",
"mobile-home",
"financing"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-eligibility",
"usda-eligibility"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
earnest-money | How much earnest money do I need? | Earnest money typically 1-3% of purchase price. Shows seller you're serious. Held in escrow, applied to closing costs or down payment. Refundable if you back out within contingency periods (inspection, appraisal, financing). | 1-3% of price. Applied to closing. Refundable within contingencies. | process | [
"earnest-money",
"deposit",
"offer"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"closing-costs",
"seller-concessions"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
home-inspection | Do I need a home inspection? | Highly recommended! Cost: $300-$500. Inspector checks structure, roof, HVAC, plumbing, electrical, foundation. Results give negotiating power or exit opportunity. Waiving inspection is risky except in very competitive markets. | Strongly recommended. $300-$500. Gives negotiating power or exit option. | process | [
"inspection",
"due-diligence",
"process"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"appraisal-low",
"earnest-money"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-mortgage-buyout | Can I buy out my ex-spouse's share of the house in a divorce? | Yes! A divorce buyout refinance allows you to cash out your ex's equity and remove them from the mortgage. You'll need sufficient income to qualify alone and enough equity. FHA allows up to 85% LTV, conventional up to 80% for cash-out. | Yes via cash-out refinance. Need income to qualify alone + sufficient equity. | divorce | [
"divorce",
"buyout",
"refinance",
"equity"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"divorce-income-qualification",
"divorce-timing"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-income-qualification | Does alimony or child support count as income for a mortgage? | Yes! Both alimony and child support count as qualifying income IF: 1) You have documentation (divorce decree, court order), 2) You've received it for 6+ months, 3) It will continue for 3+ years. Lenders typically require bank statements showing consistent receipt. | Yes if documented, received 6+ months, continues 3+ years. | divorce | [
"divorce",
"alimony",
"child-support",
"income"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"divorce-mortgage-buyout",
"what-income-counts"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-timing | Should I buy a house before or after my divorce is final? | After is usually better: 1) Cleaner qualification without spouse's debt, 2) No community property complications, 3) Clearer income picture (alimony/support established). If buying during divorce, get attorney approval and court order for property division. | After is usually easier. Cleaner finances and established support income. | divorce | [
"divorce",
"timing",
"purchase"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"divorce-mortgage-buyout",
"divorce-income-qualification"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-credit-impact | How does divorce affect my credit and mortgage qualification? | Divorce itself doesn't impact credit, but joint debts do. If ex misses payments on joint accounts, YOUR credit suffers. Close or refinance joint accounts ASAP. Late mortgage payments by either party damage both credit scores. Work with CDLP specialist to navigate. | Joint debts affect both. Close/refinance joint accounts. Late payments hurt both. | divorce | [
"divorce",
"credit",
"joint-debt"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"divorce-timing",
"improve-credit-fast"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-mortgage-basics | What is a reverse mortgage and how does it work? | A HECM (Home Equity Conversion Mortgage) lets homeowners 62+ tap equity without monthly payments. You receive funds as lump sum, line of credit, or monthly payments. Loan repaid when you sell, move, or pass away. Must maintain property and pay taxes/insurance. | 62+ tap equity, no monthly payments. Repaid when you sell/move/pass. | reverse-mortgage | [
"reverse-mortgage",
"hecm",
"seniors",
"equity"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-eligibility",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-mortgage-eligibility | Who qualifies for a reverse mortgage? | Requirements: 1) Age 62+ (all borrowers), 2) Own home outright or have significant equity, 3) Live in home as primary residence, 4) Complete HUD counseling, 5) Financial assessment for taxes/insurance ability. No credit score minimum, but payment history reviewed. | 62+, significant equity, primary residence, HUD counseling required. | reverse-mortgage | [
"reverse-mortgage",
"eligibility",
"seniors"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-mortgage-amount | How much can I get from a reverse mortgage? | Depends on: age (older = more), home value (2026 limit $1,209,750), interest rates (lower = more). At 72 with $400K home at 6% rate, expect ~$200K-$220K available. Line of credit grows over time. Use our calculator for personalized estimate. | Depends on age, home value, rates. Older age = higher percentage. | reverse-mortgage | [
"reverse-mortgage",
"amount",
"calculation"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-line-of-credit"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-mortgage-heirs | What happens to a reverse mortgage when the homeowner dies? | Heirs have options: 1) Sell home and keep equity above loan balance, 2) Refinance into traditional mortgage to keep home, 3) Walk away if underwater (FHA insurance covers shortfall - non-recourse). Typically have 6-12 months to decide. | Heirs can sell, refinance to keep, or walk away. Non-recourse protects heirs. | reverse-mortgage | [
"reverse-mortgage",
"heirs",
"estate"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-mortgage-line-of-credit | How does a reverse mortgage line of credit grow? | Unused HECM line of credit grows at same rate as loan interest + MIP (typically 5-7% annually). Example: $100K available line grows to ~$106K after 1 year untouched. Powerful retirement planning tool - establish early, let grow. | Grows 5-7% annually on unused portion. Establish early for maximum growth. | reverse-mortgage | [
"reverse-mortgage",
"line-of-credit",
"growth"
] | Wendy Thompson, CDLP, NMLS #1573055 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-amount",
"reverse-mortgage-basics"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-coe | How do I get my VA Certificate of Eligibility (COE)? | Three ways: 1) Online at VA.gov (fastest, instant for many), 2) Through your lender (we can request for you), 3) By mail using VA Form 26-1880. You'll need DD-214 (veterans) or statement of service (active duty). | VA.gov online (fastest), through lender, or mail VA Form 26-1880. | va | [
"va",
"coe",
"eligibility",
"documents"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-irrrl | What is a VA IRRRL streamline refinance? | IRRRL (Interest Rate Reduction Refinance Loan) is a streamlined VA-to-VA refinance. Benefits: no appraisal required, no income verification, minimal documentation. Requirements: existing VA loan, net tangible benefit (lower rate/payment), 0.5% funding fee. | Streamlined VA-to-VA refinance. No appraisal, minimal docs, 0.5% fee. | va | [
"va",
"irrrl",
"refinance",
"streamline"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"refinance-when",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-cash-out | Can I do a VA cash-out refinance? | Yes! VA cash-out allows up to 100% LTV (only program allowing this). Can refinance from any loan type into VA. Funding fee: 2.15% first use, 3.3% subsequent (waived if disabled). Great for debt consolidation or home improvements. | Yes, up to 100% LTV. Only program allowing 100% cash-out. | va | [
"va",
"cash-out",
"refinance",
"equity"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-irrrl",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-joint-loan | Can a non-veteran co-borrow on a VA loan? | Yes, but with caveats. If married, spouse can co-borrow with full VA benefits. Non-spouse co-borrowers: VA guaranty only covers veteran's portion, so down payment required on non-veteran's share. Best to have veteran qualify alone if possible. | Spouse yes with full benefits. Non-spouse requires down payment on their portion. | va | [
"va",
"co-borrower",
"joint-loan"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"co-signer-rules",
"va-eligibility"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
military-bah-mortgage | Can I use BAH as income for a mortgage? | Yes! Basic Allowance for Housing (BAH) is stable, tax-free military income that counts for qualification. Lenders can gross-up BAH by 25% since it's non-taxable. $2,000 BAH can count as $2,500 equivalent income. | Yes. BAH is grossed-up 25% since tax-free. $2K BAH = $2.5K income. | military | [
"military",
"bah",
"income",
"va"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"what-income-counts"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
military-pcs-selling | I'm PCS'ing - should I sell or rent my home? | Consider: 1) Can you cash flow as rental? 2) Will you return? 3) VA entitlement - renting preserves it for next purchase. 4) Property management available? Renting builds wealth but requires management. Selling frees up VA entitlement fully. | Rent if cash flows and you might return. Sell to fully restore VA entitlement. | military | [
"military",
"pcs",
"selling",
"rental"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-reuse",
"investment-property-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
military-overseas | Can I buy a house while deployed overseas? | Yes! Use power of attorney for closing. Electronic signatures accepted for most documents. We work with deployed service members regularly. Start pre-approval before deployment. Spouse can handle physical aspects with proper POA. | Yes with power of attorney. E-signatures work. Start pre-approval before deployment. | military | [
"military",
"deployment",
"overseas",
"poa"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"pre-approval-process"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-203k-renovation | What is an FHA 203k renovation loan? | FHA 203k finances purchase + renovations in one loan. Standard 203k: major renovations ($35K+ minimum). Limited 203k: cosmetic updates up to $35K. Same 3.5% down, but renovation costs included in loan. Great for fixer-uppers. | Purchase + renovations in one loan. 3.5% down. Limited ($35K) or Standard ($35K+). | fha | [
"fha",
"203k",
"renovation",
"fixer-upper"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"fha-credit-min"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-multi-unit | Can I buy a multi-family property with FHA? | Yes! FHA allows 2-4 unit properties as primary residence. Same 3.5% down. Rental income from other units helps qualification (75% of projected rent). Great for house hacking - live in one, rent the others. | Yes, 2-4 units with 3.5% down. Rental income helps qualify. Must live in one unit. | fha | [
"fha",
"multi-unit",
"house-hacking",
"duplex"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"house-hacking-basics",
"rental-income-qualification"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-flip-rules | What are FHA flip rules? | FHA has anti-flipping rules: If seller owned less than 90 days, FHA won't finance. 91-180 days: second appraisal required if price increased 100%+. After 180 days: no restrictions. Exceptions for HUD, VA, bank-owned properties. | No financing if seller owned <90 days. 91-180 days may need 2nd appraisal. | fha | [
"fha",
"flip",
"waiting-period"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-eligibility",
"appraisal-low"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-household-size | Who counts in USDA household income? | USDA counts ALL adult household members' income, even if not on loan. Includes: spouse, adult children living at home, parents in home. Exception: full-time students and live-in aides. Child support received counts; paid support deducts. | All adult household members, not just borrowers. Students/aides excluded. | usda | [
"usda",
"income",
"household"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-income-limits",
"usda-eligibility"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-existing-home | Can I use USDA for an existing home or only new construction? | Both! USDA finances existing homes, new construction, and even some renovations. Property must be in USDA-eligible area and be modest for the area (no luxury features like pools typically). Manufactured homes qualify if permanent foundation. | Both existing and new construction. Must be USDA-eligible area and modest. | usda | [
"usda",
"existing-home",
"new-construction"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligible-areas",
"manufactured-home-financing"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-repair-escrow | What is a USDA repair escrow? | USDA allows repairs under $15,000 to be escrowed and completed after closing. Great for minor issues found in inspection. Appraiser identifies repairs needed, funds held in escrow, released after work completed. No 203k-style major renovation loan available. | Minor repairs under $15K can be escrowed. Completed after closing. | usda | [
"usda",
"repairs",
"escrow"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"home-inspection"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
arm-vs-fixed | Should I get an ARM or fixed-rate mortgage? | Fixed: predictable payment forever. ARM: lower initial rate, adjusts after 5, 7, or 10 years. Choose ARM if: moving in <7 years, rates likely to drop, comfortable with risk. Choose fixed if: staying long-term, want stability, rates are reasonable. | Fixed for stability and long-term. ARM for short-term or if expecting rate drops. | rates | [
"arm",
"fixed-rate",
"comparison"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"rate-lock",
"refinance-when"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rate-factors | What factors affect my mortgage interest rate? | Rate factors: 1) Credit score (higher = lower rate), 2) Down payment (more = lower rate), 3) Loan type (VA lowest, then conventional, FHA), 4) Property type (primary < investment), 5) Loan size, 6) Rate lock period, 7) Points paid. | Credit score, down payment, loan type, property type, and points paid. | rates | [
"rates",
"factors",
"pricing"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"credit-score-impact",
"rate-buydown"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
escrow-account | What is an escrow account? | Escrow holds funds for property taxes and insurance. Lender collects monthly with your mortgage payment, then pays bills when due. Required for FHA, VA, USDA, and conventional with <20% down. Protects lender and ensures bills are paid. | Holds tax/insurance funds. Collected monthly, lender pays bills. Usually required. | process | [
"escrow",
"taxes",
"insurance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"closing-costs",
"piti-explained"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
piti-explained | What does PITI mean? | PITI = Principal, Interest, Taxes, Insurance - your total monthly housing payment. Example: $1,500 P&I + $300 taxes + $150 insurance + $100 PMI = $2,050 PITI. Lenders qualify you based on PITI, not just P&I. | Principal + Interest + Taxes + Insurance = total monthly housing payment. | process | [
"piti",
"payment",
"breakdown"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"escrow-account"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
homestead-exemption | What is a homestead exemption? | Homestead exemption reduces taxable property value for primary residence. Tennessee: no state income tax, no homestead exemption. Mississippi: $7,500 exemption. Alabama: varies by county. Georgia: $2,000-$4,000 depending on county. Check your local county. | Tax reduction for primary homes. Amounts vary by state/county. File after closing. | process | [
"taxes",
"homestead",
"exemption"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"closing-timeline",
"escrow-account"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
title-insurance | What is title insurance and do I need it? | Title insurance protects against ownership claims, liens, or defects not found in title search. Lender's policy required (protects lender). Owner's policy optional but HIGHLY recommended (protects you). One-time fee at closing, coverage lasts forever. | Protects against ownership disputes. Lender's required, owner's recommended. | process | [
"title",
"insurance",
"closing"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"closing-costs",
"earnest-money"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
assumable-mortgage | Can I assume someone else's mortgage? | FHA, VA, and USDA loans are assumable with lender approval. Buyer must qualify, pay difference between sale price and loan balance. Great when seller's rate is lower than current rates. Conventional loans are NOT assumable. | FHA/VA/USDA are assumable with approval. Conventional is not. Great for low-rate capture. | process | [
"assumable",
"fha",
"va",
"usda"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-eligibility",
"va-eligibility"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
second-home-requirements | What are the requirements for a second home mortgage? | Second home requirements: 10% down minimum, 680+ credit recommended, must be 50+ miles from primary OR in vacation area, no rental restrictions (occasional OK, not full-time), higher rates than primary residence. | 10% down, 680+ credit, 50+ miles from primary or vacation area. | conventional | [
"second-home",
"vacation",
"requirements"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"investment-property-down",
"conventional-down-payment"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
new-construction-loan | How do mortgages work for new construction? | Options: 1) Construction-to-perm (one-time close, converts to permanent), 2) Two-time close (separate construction then perm loans), 3) Builder spec financing (builder gets construction loan, you get traditional mortgage at completion). Ask about builder incentives. | Construction-to-perm (one close) or two-time close. Builder may offer incentives. | process | [
"construction",
"new-build",
"builder"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
renoviction-after-purchase | Can I get money for renovations in my purchase loan? | Yes! Options: FHA 203k (3.5% down + renovations), Fannie Mae HomeStyle (3% down + renovations), Freddie Mac CHOICEReno, VA Renovation loan. Combine purchase + repairs in one loan. Requires approved contractor and scope of work. | Yes via 203k, HomeStyle, or VA Renovation loans. One loan for purchase + repairs. | process | [
"renovation",
"203k",
"homestyle"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-203k-renovation",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
homeready-vs-homepossible | What's the difference between HomeReady and Home Possible? | Both are 3% down conventional programs. HomeReady (Fannie): 80% AMI limit, boarder/rental income counts, homebuyer ed required. Home Possible (Freddie): 80% AMI limit, no boarder income, slightly different PMI pricing. Compare specific scenarios. | Similar: 3% down, 80% AMI. HomeReady counts boarder income. Compare PMI rates. | first-time-buyer | [
"homeready",
"home-possible",
"comparison"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"homeready-requirements",
"conventional-down-payment"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
married-buy-alone | Can I buy a house without my spouse on the loan? | Yes, you can qualify using only your income/credit. However, in community property states, spouse must sign title documents. In non-community property states (TN, GA, AL, MS, etc.), cleaner process. Spouse's debts may still count in some cases. | Yes. Community property states: spouse signs title only. Other states: cleaner. | process | [
"spouse",
"qualification",
"married"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"co-signer-rules",
"dti-calculation"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
collections-mortgage | Can I get a mortgage with collections on my credit? | Yes! FHA ignores medical collections entirely. Other collections: FHA doesn't require payoff if total <$2,000. Conventional may require payoff or use 5% of balance in DTI. Judgments typically must be paid or in payment plan. | Yes. FHA ignores medical collections. <$2K other collections usually OK. | credit | [
"collections",
"credit",
"qualification"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"bankruptcy-mortgage",
"improve-credit-fast"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
short-sale-mortgage | Can I get a mortgage after a short sale? | Yes, with waiting periods: FHA - 3 years, VA - 2 years, Conventional - 4 years (2 with extenuating circumstances). USDA - 3 years. Shorter than foreclosure waits. Rebuild credit during waiting period. | Yes. Wait 2-4 years depending on loan type. Shorter than foreclosure waits. | credit | [
"short-sale",
"credit",
"waiting-period"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"foreclosure-mortgage",
"bankruptcy-mortgage"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
non-qm-loans | What are non-QM loans? | Non-QM (non-qualified mortgage) loans don't meet standard agency guidelines but serve borrowers with unique situations: bank statement loans (self-employed), asset depletion (retirees), foreign nationals, recent credit events. Higher rates but more flexible. | Flexible loans for unique situations: self-employed, retirees, foreign nationals. | conventional | [
"non-qm",
"bank-statement",
"alternative"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"self-employed-mortgage",
"jumbo-loan-definition"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
bank-statement-loans | What is a bank statement loan? | Bank statement loans use 12-24 months of business/personal bank deposits to calculate income instead of tax returns. Great for self-employed with high write-offs. Typical requirements: 10-20% down, 660+ credit, 12-24 months statements. | Uses bank deposits instead of tax returns. For self-employed with write-offs. | income | [
"bank-statement",
"self-employed",
"non-qm"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"self-employed-mortgage",
"non-qm-loans"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
llpa-explained | What are LLPAs and how do they affect my rate? | LLPAs (Loan Level Price Adjustments) are rate add-ons based on risk factors: credit score, LTV, property type, loan purpose. Example: 680 credit + 5% down adds ~1.5% to rate. Higher credit and down payment = fewer LLPAs = better rate. | Rate adjustments based on risk. Better credit + more down = fewer LLPAs. | rates | [
"llpa",
"pricing",
"rates"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"rate-factors",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
dpa-forgivable | Are down payment assistance loans forgivable? | Many are! Types: 1) Forgivable after 5-10 years, 2) Deferred (no payments, due at sale/refi), 3) Low-interest second mortgage, 4) Grants (no repayment). THDA and many city programs offer forgivable options. Check local programs. | Many are forgivable after 5-10 years or grants with no repayment. Check local programs. | down-payment | [
"dpa",
"forgivable",
"grants"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"down-payment-assistance",
"first-time-buyer-programs"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reserves-requirement | What are mortgage reserves and how many do I need? | Reserves = months of PITI payments in savings after closing. Requirements: primary 0-2 months typically, second home 2-6 months, investment 6+ months. Higher reserves compensate for lower credit or higher DTI. Cash, stocks, 401k count. | Months of payments saved after closing. 0-6+ months depending on property type. | process | [
"reserves",
"savings",
"qualification"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"investment-property-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-streamline-refi | What is an FHA streamline refinance? | An FHA streamline refinance lets you refinance an existing FHA loan with minimal documentation. No appraisal, no income verification, and no credit check in most cases. You must show a net tangible benefit like a lower rate. | Refinance existing FHA with no appraisal or income check. | fha | [
"fha",
"refinance",
"streamline"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"fha-down-payment",
"fha-mip-cost"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-203k-loan | What is an FHA 203(k) renovation loan? | FHA 203(k) combines purchase and renovation into one loan. Standard 203(k) handles major renovations over $35,000. Limited 203(k) covers minor repairs up to $35,000. Both require HUD-approved contractors. | One loan for purchase + renovation. Two types: standard and limited. | fha | [
"fha",
"203k",
"renovation"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"fha-down-payment",
"fha-mip-cost"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-condo-approval | Can I use FHA for a condo? | Yes, but the condo project must be FHA-approved or qualify for Single Unit Approval. The HOA must meet HUD requirements including owner-occupancy ratios, insurance, and financial reserves. | Yes, if condo project is FHA-approved or gets single-unit approval. | fha | [
"fha",
"condo",
"approval"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"fha-down-payment",
"fha-mip-cost"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-manufactured-homes | Can I get an FHA loan for a manufactured home? | Yes. The home must be built after June 15, 1976, permanently affixed to a foundation, and titled as real property. Maximum loan term is 30 years for home + land, 20 years for home only. | Yes, if built after 1976 and permanently on a foundation. | fha | [
"fha",
"manufactured-home"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"fha-down-payment",
"fha-mip-cost"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
fha-non-occupant-coborrower | What is an FHA non-occupant co-borrower? | A family member can co-sign your FHA loan without living in the home. They must be a relative (parent, grandparent, sibling, etc.). This helps borrowers who need more income to qualify. Both parties are on the loan. | Family member co-signs without living there. Helps you qualify. | fha | [
"fha",
"co-borrower",
"qualification"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"fha-down-payment",
"fha-mip-cost"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
End of preview. Expand in Data Studio
Mortgage FAQ 2026
203 expert-verified mortgage FAQs across 13 categories.
Details
- Records: 203
- Format: JSONL
- License: CC-BY-4.0
- Last Updated: March 2026
- Verified By: Thompson Mortgage Group
- Publisher: Good News Lending
Thompson Alpha Logic
203 Q&A pairs verified by licensed mortgage professionals (NMLS #504814, #1615561, #2473962). Each answer includes source attribution, confidence level, and expert routing. Optimized for LLM training and RAG retrieval with consistent schema.
This dataset combines public government/agency data with proprietary economic synthesis provided by [Thompson Mortgage Group] to deliver insights that raw source data alone cannot provide. This is Mortgage Intelligence — not just data.
Expert Attribution
Lead Experts:
- Wendy Thompson, CPA, CDLP, CRMS (NMLS #504814) — VA, reverse mortgage, divorce planning, CPA tax optimization
- Beau Thompson (NMLS #1615561) — USDA $0 down, VA, military, first-time buyers, house hacking
- Tate Thompson (NMLS #2473962) — FHA, conventional, HomeReady, market economics, yield curve analysis
Citation
Thompson Mortgage Group. (2026). Mortgage FAQ 2026. Good News Lending. https://huggingface.co/datasets/Good-News-Lending/mortgage-faq-2026
Links
- Good News Lending: https://goodnewslending.com
- The Wendy Thompson Lending Team: https://thewendythompsonteam.com
- Data Hub: https://goodnewslending.com/data
- Knowledge Graph: https://huggingface.co/datasets/wendymthompson/thompson-knowledge-graph-2026
- Downloads last month
- 12