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-gift-letter-requirements | What are the FHA gift fund rules? | FHA allows 100% of the down payment from gift funds. Donors must be family, employers, or approved nonprofits. A gift letter is required stating the amount and that no repayment is expected. Donor bank statements may be needed. | 100% of down payment can be gifted. Gift letter required. | fha | [
"fha",
"gift-funds",
"down-payment"
] | 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-mip-duration-rules | How long does FHA MIP last? | For loans with less than 10% down, MIP lasts the life of the loan. With 10%+ down, MIP drops off after 11 years. The only way to remove lifetime MIP is to refinance into a conventional loan once you have 20% equity. | Life of loan with <10% down. 11 years with 10%+ down. | fha | [
"fha",
"mip",
"mortgage-insurance"
] | 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-assumable-mortgage | Are FHA loans assumable? | Yes, FHA loans are assumable, meaning a buyer can take over your mortgage at the existing rate and terms. The new buyer must qualify with the lender. This is a major advantage when your rate is below current market rates. | Yes. Buyer takes over your rate and terms after qualifying. | fha | [
"fha",
"assumption",
"selling"
] | 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-max-seller-concessions | How much can the seller contribute on FHA? | FHA allows seller concessions up to 6% of the sales price. This can cover closing costs, prepaid items, discount points, and even your upfront MIP. This is more generous than conventional (3-9% depending on down payment). | Up to 6% of sales price for closing costs. | fha | [
"fha",
"seller-concessions",
"closing-costs"
] | 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-waiting-period-bankruptcy | Can I get FHA after bankruptcy? | Chapter 7 bankruptcy requires a 2-year waiting period from discharge. Chapter 13 requires 1 year of on-time payments with court approval. Extenuating circumstances may reduce the Chapter 7 wait to 1 year. | 2 years after Chapter 7, 1 year into Chapter 13. | fha | [
"fha",
"bankruptcy",
"waiting-period"
] | 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-waiting-period-foreclosure | Can I get FHA after foreclosure? | FHA requires a 3-year waiting period after a foreclosure. The clock starts from the completion date, not the filing date. Extenuating circumstances (job loss, medical emergency) may reduce the wait to 1 year. | 3-year wait, reduced to 1 year with extenuating circumstances. | fha | [
"fha",
"foreclosure",
"waiting-period"
] | 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-property-standards | What are FHA property requirements? | FHA requires the property to be safe, sound, and secure. Common issues include peeling paint in pre-1978 homes, missing handrails, broken windows, exposed wiring, and roof problems. The FHA appraisal checks these standards. | Must be safe, sound, and secure. Appraisal checks standards. | fha | [
"fha",
"appraisal",
"property-standards"
] | 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-duplex-purchase | Can I buy a duplex with FHA? | Yes, FHA finances 1-4 unit properties. You must live in one unit as your primary residence. For a duplex, just 3.5% down. Rental income from the other unit can help you qualify. This is the foundation of house hacking. | Yes, 1-4 units with 3.5% down. Live in one, rent the others. | fha | [
"fha",
"duplex",
"house-hacking",
"multi-unit"
] | 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-student-loan-dti | How do FHA loans calculate student loan payments? | FHA uses 0.5% of the outstanding student loan balance as the monthly payment for DTI calculation, OR the actual monthly payment if documented on credit report. Income-driven repayment plans are accepted at the documented amount. | 0.5% of balance or documented payment, whichever applies. | fha | [
"fha",
"student-loans",
"dti"
] | 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-employment-gap | Can I get FHA with gaps in employment? | FHA requires a 2-year employment history but allows gaps. You must explain any gaps over 30 days. Recent employment must be stable with at least 6 months in current job for hourly/salary. Self-employment needs 2 years. | Gaps allowed with explanation. 2-year history required. | fha | [
"fha",
"employment",
"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 |
usda-property-types-allowed | What property types does USDA allow? | USDA finances single-family homes, condos (if project-approved), townhomes, and new construction. Manufactured homes are eligible if permanently affixed. It does NOT allow investment properties, income-producing farms, or properties over 10 acres. | Single-family, condos, townhomes, new builds. No investment properties. | usda | [
"usda",
"property-types"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-income-limits",
"usda-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-household-income-calc | How does USDA calculate household income? | USDA counts ALL adult household members income, not just borrowers. This includes adult children, parents, and anyone living in the home. Deductions are allowed for childcare, disabilities, elderly household members, and medical expenses. | All adults in the household count. Deductions available. | usda | [
"usda",
"income-limits",
"household"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-income-limits",
"usda-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-guarantee-fee-2026 | What are the USDA guarantee fees for 2026? | USDA charges a 1.0% upfront guarantee fee (can be financed into the loan) and 0.35% annual fee. On a $250,000 loan: $2,500 upfront + $72.92/month. These are significantly lower than FHA fees. | 1% upfront (financeable) + 0.35% annual. Lower than FHA. | usda | [
"usda",
"fees",
"guarantee-fee"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-income-limits",
"usda-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-geographic-exceptions | Are there geographic exceptions for USDA? | Some areas that appear urban on maps may still be USDA eligible due to population thresholds. Areas with populations under 35,000 generally qualify. Some areas are grandfathered in even after population growth. Always check the official USDA eligibility map. | Areas under 35,000 population qualify. Some grandfathered in. | usda | [
"usda",
"eligibility",
"geography"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-income-limits",
"usda-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-new-construction | Can I build a new home with USDA? | Yes, USDA offers construction-to-permanent loans in eligible areas. You can finance the land purchase and construction in a single loan. The builder must be approved and the plans must meet USDA standards. | Yes, construction-to-permanent loans available in eligible areas. | usda | [
"usda",
"new-construction",
"building"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-income-limits",
"usda-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-refinance-options | Can I refinance a USDA loan? | Yes, USDA offers a streamline refinance (Streamlined-Assist) with no appraisal, no credit check, and no income verification. You must be current on payments with 12 months of on-time history. Non-streamline refinance is also available. | Yes. Streamline-Assist: no appraisal, no credit check. | usda | [
"usda",
"refinance",
"streamline"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-mip-removal",
"usda-eligibility",
"usda-income-limits"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-income-over-limit | What if my income is slightly over USDA limits? | USDA allows deductions that reduce your adjusted household income: childcare ($480/child), elderly/disabled household members, and medical expenses. These deductions may bring you back under the limit even if gross income exceeds it. | Deductions for childcare, elderly, medical may bring you under. | usda | [
"usda",
"income-limits",
"deductions"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-income-limits",
"usda-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-no-down-payment-verification | Does USDA verify I have no savings for a down payment? | USDA does not require you to prove you cannot afford a down payment, but it does have asset limits in some cases. Generally, if your liquid assets exceed 20% of the purchase price, you may need to use some toward the purchase. | No poverty test, but excessive liquid assets may require use. | usda | [
"usda",
"down-payment",
"assets"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"usda-eligibility",
"usda-income-limits"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-closing-cost-options | How do I cover closing costs with USDA? | USDA allows seller concessions up to 6% of the sales price for closing costs. You can also finance closing costs into the loan if the appraised value exceeds the purchase price. Gift funds are also permitted. | 6% seller concessions, finance into loan, or gift funds. | usda | [
"usda",
"closing-costs",
"seller-concessions"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-income-limits",
"usda-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
usda-credit-requirements | What credit score do I need for USDA? | USDA has no official minimum credit score, but most lenders require 640 for automated underwriting approval. Scores below 640 require manual underwriting with compensating factors. Some lenders go as low as 580. | No official minimum. Most lenders need 640 for auto-approval. | usda | [
"usda",
"credit",
"requirements"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"usda-eligibility",
"usda-income-limits"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-irrrl-details | What is a VA IRRRL streamline refinance? | The Interest Rate Reduction Refinance Loan (IRRRL) lets veterans refinance with no appraisal, no income verification, and a reduced 0.5% funding fee. You must lower your rate or switch from ARM to fixed. Also called a VA streamline. | No appraisal, no income check. 0.5% funding fee. | va | [
"va",
"irrrl",
"refinance",
"streamline"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-mip-removal",
"va-eligibility",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-cash-out-refinance | Can I do a cash-out refinance with VA? | Yes, VA allows cash-out refinance up to 100% of the home value. This is unique — conventional typically caps at 80% LTV. The funding fee is 2.15% first use or 3.3% subsequent. Disabled veterans are exempt from the fee. | Yes, up to 100% LTV. Funding fee 2.15%/3.3%. | va | [
"va",
"cash-out",
"refinance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-mip-removal",
"va-eligibility",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-jumbo-loan | Is there a VA jumbo loan? | With full entitlement, there is no VA loan limit — you can borrow any amount with $0 down. If you have reduced entitlement (from a prior VA loan), limits apply in your county. The lender may have their own maximum. | No limit with full entitlement. $0 down at any amount. | va | [
"va",
"jumbo",
"loan-limits"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-loan-limits-2026",
"va-eligibility",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-entitlement-restoration | How do I restore VA entitlement? | VA entitlement is restored when you sell the home and pay off the VA loan. One-time restoration is available if you have paid off a prior VA loan but still own the property. You can have two VA loans simultaneously with sufficient entitlement. | Pay off loan and sell home, or one-time restoration option. | va | [
"va",
"entitlement",
"restoration"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-coe-request | How do I get a VA Certificate of Eligibility (COE)? | Request online at VA.gov/eBenefits, through your lender (fastest — automated system), or by mail using VA Form 26-1880. Active duty provides a Statement of Service. Veterans use DD-214. Guard/Reserves need NGB Form 22. | Online, through lender (fastest), or by mail with DD-214. | va | [
"va",
"coe",
"eligibility"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-eligible-areas",
"va-eligibility"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-funding-fee-exempt | Who is exempt from the VA funding fee? | Exempt veterans include: those with service-connected disability (any rating), Purple Heart recipients on active duty, surviving spouses of veterans who died in service, and veterans receiving VA disability compensation. | Disabled veterans, Purple Heart, surviving spouses exempt. | va | [
"va",
"funding-fee",
"exemption"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-energy-improvements | Can VA loans include energy efficiency improvements? | Yes, the VA Energy Efficient Mortgage (EEM) allows up to $6,000 for energy improvements like solar panels, insulation, windows, and HVAC upgrades. This amount is added to the loan without affecting the appraised value requirement. | Up to $6,000 for energy upgrades added to loan. | va | [
"va",
"energy-efficiency",
"eem"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-two-loans-simultaneously | Can I have two VA loans at the same time? | Yes, if you have remaining entitlement. Your total entitlement is based on conforming loan limits. If your first VA loan used only part of your entitlement, you can use the remainder for a second home with $0 down (up to the remaining amount). | Yes, with remaining entitlement. May need down payment. | va | [
"va",
"entitlement",
"multiple-loans"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-loan-assumption | Can someone assume my VA loan? | Yes, VA loans are assumable. The new buyer must qualify and the lender must approve. If a non-veteran assumes, your entitlement stays tied up until the loan is paid off. Veteran-to-veteran assumption preserves your entitlement. | Yes, with lender approval. Veteran-to-veteran preserves entitlement. | va | [
"va",
"assumption",
"selling"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-native-american-direct-loan | What is the VA Native American Direct Loan? | NADL provides direct loans to Native American veterans to buy, build, or improve homes on Federal Trust Land. No down payment, no PMI, lower closing costs. The funding fee is 1.25% for purchase, 0.5% for refinance. | Direct loans for Native veterans on Trust Land. $0 down. | va | [
"va",
"nadl",
"native-american"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-adapted-housing | What are VA Specially Adapted Housing grants? | VA offers SAH grants (up to $109,986) and SHA grants (up to $22,036) for veterans with service-connected disabilities to modify or build accessible homes. Wheelchair ramps, widened doors, and roll-in showers are common modifications. | Up to $110K for home modifications for disabled veterans. | va | [
"va",
"adapted-housing",
"disability"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-bah-qualifying-income | Does BAH count as qualifying income for VA loans? | Yes, Basic Allowance for Housing (BAH) counts as non-taxable qualifying income. Lenders can gross it up by 25% — so $2,000 BAH counts as $2,500 for qualification purposes. This significantly increases buying power. | Yes, and it can be grossed up 25% for qualification. | va | [
"va",
"bah",
"income",
"military"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
va-pcs-timing | When should I start house hunting before a PCS? | Start 60-90 days before your report date. Get VA pre-approval first (can be done remotely). Use TLA/TLE for temporary housing while searching. Many lenders can close in 30 days. Consider renting first if the market is unfamiliar. | 60-90 days before PCS. Get pre-approved remotely first. | military | [
"va",
"pcs",
"military",
"timing"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-homeready-program | What is the Fannie Mae HomeReady program? | HomeReady offers 3% down with reduced PMI rates for borrowers earning 80% or less of area median income. Allows boarder and accessory dwelling income. Rental income from a boarder can be used to qualify. Requires homebuyer education. | 3% down, reduced PMI for under 80% AMI borrowers. | conventional | [
"conventional",
"homeready",
"fannie-mae",
"low-income"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"conventional-credit-min",
"conventional-down-payment",
"conventional-pmi-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-home-possible | What is the Freddie Mac Home Possible program? | Home Possible offers 3% down for borrowers at or below 80% AMI. Similar to HomeReady but from Freddie Mac. Allows sweat equity for down payment and non-occupant co-borrowers. Requires homebuyer education course. | 3% down for under 80% AMI. Sweat equity allowed. | conventional | [
"conventional",
"home-possible",
"freddie-mac"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"conventional-credit-min",
"conventional-down-payment",
"conventional-pmi-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-pmi-removal | When can I remove PMI from a conventional loan? | PMI auto-cancels at 78% LTV based on the original purchase price. You can request removal at 80% LTV. For faster removal, get a new appraisal showing 80% LTV based on current value. Lender-paid PMI cannot be removed. | Auto-cancels at 78% LTV. Request at 80%. New appraisal helps. | conventional | [
"conventional",
"pmi",
"removal"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"va-no-pmi",
"conventional-credit-min",
"conventional-down-payment"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-investment-property | What are conventional loan rules for investment property? | Conventional investment loans require 15-25% down payment, 620+ credit (700+ preferred), and 6 months of reserves. Rates are typically 0.5-0.75% higher than primary residence. Rental income can be used at 75% of market rent. | 15-25% down, higher rates, 6 months reserves required. | conventional | [
"conventional",
"investment",
"rental"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"conventional-credit-min",
"conventional-down-payment",
"conventional-pmi-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-jumbo-loan | What is a jumbo loan? | A jumbo loan exceeds the conforming loan limit ($832,750 in 2026 for most areas). Jumbo loans typically require 10-20% down, 700+ credit, lower DTI ratios, and larger reserves. Rates can be competitive with conforming loans for strong borrowers. | Over $832,750. Needs 10-20% down, 700+ credit. | conventional | [
"conventional",
"jumbo",
"loan-limits"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-loan-limits-2026",
"conventional-credit-min",
"conventional-down-payment"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-condo-warrantability | What does condo warrantability mean? | A warrantable condo meets Fannie Mae/Freddie Mac guidelines: no single entity owns 20%+ of units, 50%+ must be owner-occupied, HOA reserves are adequate, and no pending litigation. Non-warrantable condos need portfolio or FHA financing. | Meets Fannie/Freddie standards. Owner-occupancy and HOA rules. | conventional | [
"conventional",
"condo",
"warrantability"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"conventional-credit-min",
"conventional-down-payment",
"conventional-pmi-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-du-vs-lpa | What is the difference between DU and LPA? | Desktop Underwriter (DU) is Fannie Mae automated underwriting. Loan Product Advisor (LPA) is Freddie Mac. Each may approve borrowers the other declines. Good lenders run both systems to find the best approval for your scenario. | DU = Fannie Mae, LPA = Freddie Mac. Run both for best result. | conventional | [
"conventional",
"underwriting",
"du",
"lpa"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"conventional-credit-min",
"conventional-down-payment",
"conventional-pmi-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-second-home | What are conventional second home loan requirements? | Second homes require 10% down minimum, must be in a vacation/resort area or 50+ miles from primary residence. Cannot be rented full-time. Rates are slightly higher than primary but lower than investment. 6 months reserves typically needed. | 10% down, vacation area or 50+ miles away, limited rental. | conventional | [
"conventional",
"second-home",
"vacation"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"conventional-credit-min",
"conventional-down-payment",
"conventional-pmi-removal"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-gift-funds-rules | What are conventional loan gift fund rules? | With 20%+ down, no minimum borrower contribution. With 5-19% down, borrower must contribute at least 5% from own funds. With 3% down, HomeReady/Home Possible allow 100% gift. Standard 97% LTV requires 3% own funds. Gift letter required. | Rules depend on down payment %. 20%+ allows 100% gift. | conventional | [
"conventional",
"gift-funds",
"down-payment"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"usda-zero-down",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
conv-arm-vs-fixed | Should I choose an ARM or fixed-rate mortgage? | Fixed rates never change — choose if staying 10+ years. ARMs (5/1, 7/1, 10/1) have lower initial rates but adjust after the fixed period. Choose an ARM if you plan to sell or refinance within the initial period. ARMs typically save 0.5-1%. | Fixed for 10+ years. ARM if selling within the initial period. | rates | [
"rates",
"arm",
"fixed-rate",
"comparison"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"usda-vs-fha",
"credit-score-impact",
"rate-lock"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-score-factors | What factors determine my credit score? | FICO scores use: payment history (35%), amounts owed/utilization (30%), length of credit history (15%), new credit inquiries (10%), and credit mix (10%). Paying on time and keeping utilization under 30% have the biggest impact. | Payment history (35%) and utilization (30%) matter most. | credit | [
"credit",
"fico",
"score-factors"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"conventional-credit-min",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-authorized-user | Can being an authorized user help my credit? | Yes, being added as an authorized user on a family member credit card with long history and low utilization can boost your score. The account history appears on your credit report. Choose a card with perfect payment history. | Yes. Choose a card with long history and low utilization. | credit | [
"credit",
"authorized-user",
"score-boost"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"conventional-credit-min",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-rapid-rescore | What is a rapid rescore? | A rapid rescore updates your credit report within 3-5 business days instead of the normal 30-day cycle. Your lender requests it after you make a payment or correct an error. It can quickly boost your score mid-application. Only available through lenders. | Updates credit in 3-5 days. Only available through your lender. | credit | [
"credit",
"rapid-rescore",
"score-boost"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"conventional-credit-min",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-dispute-impact | Will disputing a credit item affect my mortgage? | Active disputes on accounts with balances can delay or prevent mortgage approval. Fannie Mae and FHA may require you to remove disputes before closing. Disputes on closed/paid accounts are generally acceptable. | Active disputes on open accounts can block mortgage approval. | credit | [
"credit",
"dispute",
"mortgage-impact"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"conventional-credit-min",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-thin-file | Can I get a mortgage with a thin credit file? | A thin file (fewer than 3 credit accounts) can qualify through non-traditional credit: rent payments, utilities, insurance, cell phone bills. FHA manual underwriting accepts these. Some conventional lenders also offer non-traditional credit programs. | Yes, using rent, utilities, and other non-traditional credit. | credit | [
"credit",
"thin-file",
"non-traditional"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"conventional-credit-min",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-collections-and-mortgage | Do collections affect my mortgage approval? | FHA: collections under $2,000 total can be ignored. Over $2,000 requires a payment plan or 5% of balance used for DTI. Conventional: varies by automated underwriting result. Medical collections are often excluded by newer scoring models. | FHA ignores under $2K total. Over $2K needs payment plan. | credit | [
"credit",
"collections",
"qualification"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"fha-dti-limit",
"conventional-credit-min"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
credit-inquiry-impact | How do mortgage inquiries affect my credit? | Multiple mortgage inquiries within a 14-45 day window (depending on scoring model) count as a single inquiry. Shopping multiple lenders for the best rate is encouraged and has minimal score impact. Each hard inquiry typically costs 3-5 points. | Multiple inquiries in 14-45 days count as one. Shop freely. | credit | [
"credit",
"inquiries",
"shopping"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"conventional-credit-min",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
dpa-programs-overview | What are down payment assistance programs? | DPA programs are state, local, or nonprofit programs that provide grants or forgivable loans for down payment and closing costs. Many offer $5,000-$25,000 in assistance. Some are forgivable after 5-10 years of homeownership. | $5K-$25K grants or forgivable loans. Many state programs available. | down-payment | [
"down-payment",
"dpa",
"assistance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"usda-zero-down",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
dpa-401k-withdrawal | Can I use 401(k) for a down payment? | You can borrow from your 401(k) (up to 50% or $50,000) without penalties. Hardship withdrawals are subject to income tax and a 10% penalty if under 59.5. A 401(k) loan is better — you repay yourself with interest. | 401(k) LOAN is best — up to $50K, no penalty. Withdrawal has 10% penalty. | down-payment | [
"down-payment",
"401k",
"retirement"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"usda-zero-down",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
dpa-ira-first-time-buyer | Can I use my IRA for a home purchase? | First-time buyers can withdraw up to $10,000 from a traditional IRA penalty-free (still owe income tax). Roth IRA contributions can be withdrawn anytime tax and penalty-free. Roth earnings are penalty-free after 5 years for first-time buyers. | $10K from traditional IRA penalty-free. Roth contributions anytime. | down-payment | [
"down-payment",
"ira",
"first-time-buyer"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"usda-zero-down",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
dpa-seller-concessions | Can the seller help with my down payment? | Sellers cannot directly contribute to your down payment, but they can pay closing costs (reducing your cash needed). FHA allows 6% seller concessions, VA 4%, USDA 6%, Conventional 3-9% depending on LTV. This significantly reduces cash to close. | Not for down payment, but 3-9% for closing costs depending on loan. | down-payment | [
"down-payment",
"seller-concessions",
"closing-costs"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"usda-zero-down",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
dpa-employer-programs | Do employers offer homebuying assistance? | Many large employers offer homebuying benefits including down payment assistance, closing cost contributions, and relocation packages. Some offer forgivable loans tied to employment tenure. Ask your HR department about available programs. | Many employers offer DPA and closing cost help. Ask HR. | down-payment | [
"down-payment",
"employer",
"assistance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-down-payment",
"usda-zero-down",
"va-zero-down"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
income-self-employed-requirements | What do self-employed borrowers need for a mortgage? | Self-employed borrowers need 2 years of tax returns (personal + business), year-to-date profit & loss statement, and business verification. Lenders average your net income over 2 years. A CPA letter can help document non-recurring deductions. | 2 years tax returns, P&L, business verification. Net income averaged. | income | [
"income",
"self-employed",
"documentation"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"what-income-counts",
"self-employed-mortgage"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
income-1099-borrower | How do 1099 contractors qualify for mortgages? | 1099 contractors are treated as self-employed. You need 2 years of 1099 income documented on tax returns. Lenders use Schedule C net income, not gross 1099 amounts. Bank statement loans are an alternative using 12-24 months of deposits. | 2 years of 1099s on tax returns. Schedule C net income used. | income | [
"income",
"1099",
"contractor",
"self-employed"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"what-income-counts",
"self-employed-mortgage"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
income-rental-income-qualify | Can I use rental income to qualify for a mortgage? | Yes, if you have 2+ years of rental history on tax returns. Lenders use 75% of gross rent (minus vacancy/maintenance). For house hacking, projected rental income from the property can be used with an appraisal showing market rent. | Yes, 75% of gross rent with 2-year history. House hack income counts. | income | [
"income",
"rental-income",
"qualification"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"fha-dti-limit",
"dti-calculation",
"what-income-counts"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
income-alimony-as-income | Can alimony be used as qualifying income? | Yes, if documented in a divorce decree or separation agreement with at least 3 years of remaining payments. You must show 3-6 months of consistent receipt. Alimony paid reduces your qualifying income. Tax treatment depends on divorce date. | Yes, with 3+ months received and 3+ years remaining. | income | [
"income",
"alimony",
"divorce"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"what-income-counts",
"self-employed-mortgage"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
income-child-support | Does child support count as mortgage income? | Yes, child support received counts as qualifying income if documented in a court order and you can show consistent receipt for 3-6 months. It must have at least 3 years remaining. Child support paid counts as a monthly debt obligation. | Yes, with documented receipt and 3+ years remaining. | income | [
"income",
"child-support",
"qualification"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"fha-dti-limit",
"dti-calculation",
"what-income-counts"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
income-ssi-disability | Can Social Security or disability income qualify? | Yes, and non-taxable income (SSI, SSDI, VA disability) can be grossed up by 25%. So $2,000/month SSI counts as $2,500 for qualification. You must provide your benefit letter. Income must be expected to continue for at least 3 years. | Yes, and non-taxable income is grossed up 25%. | income | [
"income",
"social-security",
"disability"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"what-income-counts",
"self-employed-mortgage"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
income-part-time-job | Can part-time income count for a mortgage? | Part-time income counts if you have a 2-year history at the same employer or in the same field. Seasonal income (teaching, landscaping) also counts with 2-year history. Overtime and bonus income need a 2-year average. | 2-year history required. Overtime and bonus averaged over 2 years. | income | [
"income",
"part-time",
"qualification"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"fha-dti-limit",
"dti-calculation",
"what-income-counts"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
income-bank-statement-loan | What is a bank statement mortgage? | Bank statement loans use 12-24 months of bank deposits instead of tax returns. Designed for self-employed borrowers who write off heavily. Rates are higher (1-2% above conventional) but allow qualification based on actual cash flow. | 12-24 months deposits instead of tax returns. For self-employed. | income | [
"income",
"bank-statement",
"non-qm",
"self-employed"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"dti-calculation",
"what-income-counts",
"self-employed-mortgage"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-underwriting-timeline | How long does mortgage underwriting take? | Initial underwriting review typically takes 3-7 business days. After that, you may receive conditions that need to be satisfied. Total timeline from application to clear-to-close averages 30-45 days. FHA/VA may take slightly longer. | 3-7 days for initial review. 30-45 days total on average. | process | [
"process",
"underwriting",
"timeline"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"documents-needed",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-conditions-explained | What are underwriting conditions? | Conditions are items the underwriter needs before final approval. Prior-to-doc conditions must be cleared before documents are drawn. Prior-to-close conditions must be met before closing. Common: pay stubs, bank statements, letters of explanation. | Items underwriter needs for approval. Common: pay stubs, explanations. | process | [
"process",
"underwriting",
"conditions"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"documents-needed",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-rate-lock | What is a rate lock and when should I lock? | A rate lock guarantees your interest rate for a specific period (30, 45, 60 days). Lock when you have a signed purchase contract and are comfortable with the rate. Longer locks cost more. Some lenders offer float-down options if rates drop. | Guarantees your rate for 30-60 days. Lock with a signed contract. | process | [
"process",
"rate-lock",
"rates"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"credit-score-impact",
"pre-approval-process",
"documents-needed"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-clear-to-close | What does clear to close mean? | Clear to close means the underwriter has approved your loan and all conditions are satisfied. Closing documents are being prepared. You are typically 3-5 business days from closing at this point. Review your Closing Disclosure carefully. | All conditions met, loan approved. 3-5 days to closing. | process | [
"process",
"clear-to-close",
"approval"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"documents-needed",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-closing-disclosure | What is the Closing Disclosure? | The Closing Disclosure (CD) details your final loan terms, monthly payment, and closing costs. You must receive it at least 3 business days before closing. Compare it to your Loan Estimate for any changes. TRID rules protect you. | Final costs document. Must receive 3 business days before closing. | process | [
"process",
"closing-disclosure",
"trid"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"documents-needed",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-title-search | What is a title search? | A title search examines public records to verify the seller legally owns the property and there are no liens, easements, or encumbrances. Title insurance protects you against claims missed during the search. Both owner and lender title insurance are recommended. | Verifies ownership and checks for liens. Title insurance protects you. | process | [
"process",
"title",
"title-insurance"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"documents-needed",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-wire-fraud | How do I protect against wire fraud during closing? | Wire fraud is the biggest threat in real estate. NEVER trust wire instructions sent by email. Always verify wire details by calling your title company at a known number (not from the email). Scammers hack email accounts and send fake instructions. | ALWAYS call to verify wire instructions. Never trust email alone. | process | [
"process",
"wire-fraud",
"security"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"documents-needed",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-loan-estimate | What is a Loan Estimate? | The Loan Estimate (LE) is a standardized 3-page document you receive within 3 business days of applying. It shows your rate, monthly payment, closing costs, and cash to close. Compare LEs from multiple lenders — they use the same format. | Standardized cost breakdown within 3 days of applying. Compare them. | process | [
"process",
"loan-estimate",
"shopping"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"documents-needed",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
process-appraisal-explained | What happens during a home appraisal? | A licensed appraiser visits the property, inspects its condition, measures square footage, and compares it to 3-6 recent comparable sales. The appraisal determines the home value for lending purposes. If it comes in low, you can negotiate, appeal, or make up the difference. | Appraiser inspects and compares to recent sales. Determines value. | process | [
"process",
"appraisal",
"home-value"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"pre-approval-process",
"documents-needed",
"closing-timeline"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rates-discount-points | What are mortgage discount points? | One discount point equals 1% of the loan amount and typically reduces your rate by 0.25%. On a $300,000 loan, one point costs $3,000 and saves about $50/month. Break-even is typically 5-6 years. Worth it if you plan to stay long-term. | 1% of loan = ~0.25% rate reduction. Break-even in 5-6 years. | rates | [
"rates",
"discount-points",
"buydown"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"credit-score-impact",
"rate-lock",
"rate-buydown"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rates-2-1-buydown | What is a 2-1 buydown? | A 2-1 buydown reduces your rate by 2% in Year 1 and 1% in Year 2, then returns to the full rate in Year 3. On a 6.5% loan: Year 1 is 4.5%, Year 2 is 5.5%, Year 3+ is 6.5%. Often paid by the seller as a concession. | Rate drops 2% Year 1, 1% Year 2, full Year 3. Seller often pays. | rates | [
"rates",
"buydown",
"2-1-buydown"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"credit-score-impact",
"rate-lock",
"rate-buydown"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rates-float-down | What is a float-down option? | A float-down lets you take a lower rate if rates drop after you lock. Typically costs 0.5 points upfront and requires rates to drop by a minimum amount (usually 0.25%+). Not all lenders offer this. Ask about it when locking. | Lets you capture lower rate after locking. Costs ~0.5 points. | rates | [
"rates",
"float-down",
"rate-lock"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"credit-score-impact",
"rate-lock",
"rate-buydown"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rates-what-affects-rate | What factors determine my mortgage rate? | Key factors: credit score (biggest impact), down payment/LTV, loan type (VA lowest, FHA mid, conventional varies), property type, occupancy type, lock period, and market conditions. Each factor adjusts your rate through Loan Level Price Adjustments (LLPAs). | Credit score, LTV, loan type, property type, and market conditions. | rates | [
"rates",
"factors",
"llpa"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"credit-score-impact",
"rate-lock",
"rate-buydown"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
rates-apr-vs-rate | What is the difference between APR and interest rate? | The interest rate is what you pay on the loan balance. APR (Annual Percentage Rate) includes the rate PLUS fees, points, and mortgage insurance — reflecting the true cost of borrowing. Compare APRs when shopping lenders. | Rate = interest only. APR = rate + fees. Compare APRs to shop. | rates | [
"rates",
"apr",
"comparison"
] | Tate Thompson, NMLS #2473962 | Good News Lending Mortgage FAQ Database | [
"usda-vs-fha",
"credit-score-impact",
"rate-lock"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
ftb-definition | Who counts as a first-time homebuyer? | For mortgage purposes, a first-time buyer is anyone who has not owned a home in the past 3 years. Even if you owned before, after 3 years of not owning you qualify again. This opens up HomeReady, Home Possible, and many DPA programs. | No homeownership in past 3 years. Even prior owners can re-qualify. | first-time-buyer | [
"first-time-buyer",
"definition",
"eligibility"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"usda-eligible-areas",
"va-eligibility"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
ftb-homebuyer-education | Is homebuyer education required? | Required for HomeReady, Home Possible, and many DPA programs. Even when not required, it often earns a 0.25% fee reduction. Courses cover budgeting, the buying process, and homeownership responsibilities. Available online for $75-$100. | Required for some programs. Often earns fee reductions. | first-time-buyer | [
"first-time-buyer",
"education",
"homebuyer-course"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"first-time-buyer-definition",
"first-time-buyer-programs",
"homeready-requirements"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
ftb-closing-cost-assistance | What closing cost assistance is available for first-time buyers? | Options include: DPA programs covering closing costs, seller concessions (up to 6% FHA), lender credits (accept higher rate for cash), employer programs, and nonprofit grants. Many state housing agencies offer combined DPA + closing cost assistance. | DPA programs, seller concessions, lender credits, employer help. | first-time-buyer | [
"first-time-buyer",
"closing-costs",
"assistance"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"down-payment-assistance",
"closing-costs",
"seller-concessions"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
ftb-fha-vs-conventional | FHA or conventional for first-time buyers? | FHA is better with lower credit (under 680) or minimal savings — more flexible DTI, lower down payment. Conventional is better with 700+ credit and 5%+ down — lower PMI costs and PMI eventually drops off. Always compare both side-by-side. | FHA for lower credit/savings. Conventional for 700+ credit. | first-time-buyer | [
"first-time-buyer",
"fha",
"conventional",
"comparison"
] | Beau Thompson, NMLS #1615561 | 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 |
ftb-how-much-afford | How much house can I afford? | Use the 28/36 rule: housing payment should be under 28% of gross income, total debt under 36%. FHA allows up to 50% with compensating factors. On $75,000 income, target $1,750/month housing or approximately $275,000 home with 3.5% down. | 28% of gross income for housing. FHA allows up to 50% DTI. | first-time-buyer | [
"first-time-buyer",
"affordability",
"dti"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"fha-dti-limit",
"dti-calculation",
"first-time-buyer-definition"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
ftb-earnest-money | What is earnest money? | Earnest money (typically 1-3% of purchase price) shows the seller you are serious. It is deposited into an escrow account and applied toward your down payment or closing costs at closing. It is refundable if you back out due to a contingency. | 1-3% deposit showing good faith. Applied to closing costs. | first-time-buyer | [
"first-time-buyer",
"earnest-money",
"offer"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"first-time-buyer-definition",
"first-time-buyer-programs",
"homeready-requirements"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-buyout-process | How does a divorce buyout refinance work? | The spouse keeping the home refinances into their name only for the existing mortgage balance PLUS the departing spouse equity share. Example: $200K owed + $75K equity buyout = $275K new loan. The departing spouse signs a quitclaim deed at closing. | Refinance for mortgage + equity buyout. Quitclaim deed to transfer title. | divorce | [
"divorce",
"buyout",
"refinance"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"fha-mip-removal",
"refinance-when",
"divorce-mortgage-buyout"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-quitclaim-deed | What is a quitclaim deed in divorce? | A quitclaim deed transfers one spouse ownership interest to the other. It does NOT remove you from the mortgage — only a refinance does that. Never sign a quitclaim without a simultaneous refinance to remove your mortgage liability. | Transfers title only. Does NOT remove mortgage obligation. | divorce | [
"divorce",
"quitclaim",
"title"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"divorce-mortgage-buyout",
"divorce-income-qualification",
"divorce-timing"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-remove-spouse-mortgage | How do I remove my ex from the mortgage? | The only reliable way is to refinance into your name alone. Loan assumptions are rare. Loan modifications sometimes work but lenders are not required to remove a borrower. You must qualify on your own income and credit. | Refinance into your name only. Must qualify alone. | divorce | [
"divorce",
"refinance",
"removing-spouse"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"fha-mip-removal",
"refinance-when",
"divorce-mortgage-buyout"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-cdlp-role | What does a CDLP (Certified Divorce Lending Professional) do? | A CDLP specializes in the intersection of divorce and mortgage lending. They work with attorneys to ensure settlement terms are mortgage-friendly, evaluate whether each spouse can qualify independently, and structure buyout financing. | Coordinates between attorney and lender for divorce mortgages. | divorce | [
"divorce",
"cdlp",
"specialist"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"divorce-mortgage-buyout",
"divorce-income-qualification",
"divorce-timing"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-timing-matters | When should I talk to a mortgage lender during divorce? | BEFORE the divorce decree is finalized. Your mortgage qualification directly affects what settlement terms work. A CDLP can review your finances, determine what each spouse can qualify for, and advise the attorneys on realistic terms. | BEFORE finalizing the decree. Affects settlement terms. | divorce | [
"divorce",
"timing",
"pre-qualification"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"rate-lock",
"divorce-mortgage-buyout",
"divorce-income-qualification"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-capital-gains | Are there capital gains taxes when selling during divorce? | If you sell while still married, you may qualify for the $500K married filing jointly exclusion. If sold after divorce, each spouse gets a $250K exclusion. You must have lived in the home 2 of the last 5 years. Consult a CPA for your situation. | $500K exclusion if married, $250K each if divorced. 2-of-5 year rule. | divorce | [
"divorce",
"capital-gains",
"taxes",
"selling"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"divorce-mortgage-buyout",
"divorce-income-qualification",
"divorce-timing"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
divorce-joint-accounts | What about joint accounts during divorce mortgage? | Close joint credit cards and lines of credit as soon as possible. Your ex-spouse spending on joint accounts increases your debt and can lower your credit score. Pay off joint accounts or transfer balances to individual accounts before applying. | Close joint credit immediately. Ex spending affects your credit. | divorce | [
"divorce",
"credit",
"joint-accounts"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"fha-credit-min",
"conventional-credit-min",
"credit-score-impact"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-hecm-requirements | What are HECM reverse mortgage requirements? | You must be 62 or older, own the home outright or have substantial equity, live in it as primary residence, complete HUD-approved counseling, and maintain the property. Spouse can be a non-borrowing spouse and still be protected. | 62+, primary residence, equity, HUD counseling required. | reverse-mortgage | [
"reverse-mortgage",
"hecm",
"requirements"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"usda-eligibility",
"conventional-credit-min",
"documents-needed"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-draw-options | What are the HECM payment options? | Five options: lump sum (fixed rate only), line of credit (grows over time), tenure (monthly for life), term (monthly for set period), or combination. Line of credit is most popular — unused portion grows at the loan rate plus 1.25%. | Lump sum, line of credit, monthly tenure, term, or combination. | reverse-mortgage | [
"reverse-mortgage",
"payment-options",
"hecm"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-eligibility",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-non-borrowing-spouse | What happens to a non-borrowing spouse? | Since 2015, non-borrowing spouses can remain in the home after the borrowing spouse dies or moves to care facility. They must maintain the home, pay taxes/insurance, and have been married at loan origination. They cannot access additional funds. | Can stay in home after borrower passes. Must maintain and pay taxes. | reverse-mortgage | [
"reverse-mortgage",
"non-borrowing-spouse",
"protections"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-eligibility",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-counseling-requirement | Why is HUD counseling required for reverse mortgages? | HUD requires independent counseling to ensure you understand the loan, costs, and alternatives. The session covers how reverse mortgages work, impact on heirs, and other options like downsizing or HELOC. Costs $125 or less. | Ensures you understand the loan and alternatives. About $125. | reverse-mortgage | [
"reverse-mortgage",
"counseling",
"hud"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-eligibility",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-repayment-triggers | When must a reverse mortgage be repaid? | Repayment is triggered when: the last borrower dies, sells the home, moves out for 12+ months, fails to pay property taxes/insurance, or fails to maintain the property. Heirs have 6-12 months to settle after the borrower passes. | Death, sale, move-out, or failing to pay taxes/maintain home. | reverse-mortgage | [
"reverse-mortgage",
"repayment",
"triggers"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-eligibility",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-tax-free | Are reverse mortgage proceeds taxable? | No. Reverse mortgage proceeds are considered loan advances, not income. They are not subject to income tax and do not affect Social Security or Medicare benefits. This makes them an efficient retirement planning tool for tax management. | Not taxable. No impact on Social Security or Medicare. | reverse-mortgage | [
"reverse-mortgage",
"taxes",
"retirement"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-eligibility",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
reverse-heirs-options | What options do heirs have with a reverse mortgage? | Heirs can: sell the home and keep equity above the loan balance, refinance into a traditional mortgage to keep the home, pay off the balance from other funds, or walk away (non-recourse — never owe more than the home is worth). | Sell, refinance, pay off, or walk away. Non-recourse protection. | reverse-mortgage | [
"reverse-mortgage",
"heirs",
"inheritance"
] | Wendy Thompson, NMLS #504814 | Good News Lending Mortgage FAQ Database | [
"reverse-mortgage-basics",
"reverse-mortgage-eligibility",
"reverse-mortgage-amount"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
military-dual-military | How do dual-military couples buy a home? | Both spouses can use their individual VA entitlements together for a larger purchase. Combined BAH qualifies both incomes. PCS risk: consider which base is more stable. A portable career helps if one spouse gets orders. | Both entitlements combine. Use combined BAH to qualify. | military | [
"military",
"dual-military",
"va"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"va-eligibility",
"va-zero-down",
"va-funding-fee"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
military-pcs-sell-or-keep | Should I sell or keep my home when PCSing? | Keep if: strong rental market, positive cash flow, plan to return. Sell if: break-even or negative cash flow, high maintenance property, need equity for next purchase. VA entitlement is tied up if you keep, but restoration is possible. | Keep for positive cash flow. Sell if break-even or need equity. | military | [
"military",
"pcs",
"rental",
"selling"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"military-bah-mortgage",
"military-pcs-selling",
"military-overseas"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
military-bah-explained | How does BAH work for mortgage qualification? | BAH (Basic Allowance for Housing) is tax-free income based on rank, dependency status, and duty station ZIP. Because it is non-taxable, lenders can gross it up 25%. E-5 with dependents in Memphis gets about $1,554/month BAH. | Tax-free housing allowance by rank and location. Grossed up 25%. | military | [
"military",
"bah",
"income"
] | Beau Thompson, NMLS #1615561 | Good News Lending Mortgage FAQ Database | [
"what-income-counts",
"self-employed-mortgage",
"divorce-income-qualification"
] | Good News Lending | https://goodnewslending.com | 2026-03-17T00:00:00 |
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