FAQ
Getting Started
How much can I borrow for a mortgage in NY
Your borrowing capacity depends on income, credit score, and debt-to-income ratio. Generally, you can borrow 4-5x your annual income. We offer loans from $100K to $5M+ including jumbo mortgages.
What documents do I need to apply
Standard documents include:
– 2 years tax returns
– 2 months bank statements
– Pay stubs (if W-2 employee)
– ID and Social Security card
– Property information
Self-employed borrowers may need additional documentation
How long does the mortgage process take?
Typical timeline:
– Pre-approval: 24-48 hours
– Full approval: 2-3 weeks
– Closing: 30-45 days total
We can expedite for time-sensitive deals
What's the minimum down payment required
Depends on loan type:
– Conventional: 3-5% (first-time buyers)
– FHA: 3.5%
– VA: 0% (veterans)
– Investment properties: 20-25%
What credit score do I need?
Minimum requirements:
– FHA loans: 580+ credit score
– Conventional: 620+ credit score
– Jumbo loans: 700+ credit score
We have programs for scores as low as 500
Can I get pre-approved online?
Yes! Our online pre-approval takes 10 minutes. You’ll receive a conditional approval letter within 24 hours
What are current mortgage rates
Rates change daily based on market conditions. Contact us for today’s rates personalized to your situation
Self-Employed
Can self-employed people get mortgages
Absolutely! We specialize in self-employed mortgages. We offer bank statement loans, asset-based loans, and stated income programs designed for business owners and freelancers
What documents do self-employed borrowers need
Required documents:
– 2 years personal tax returns
– 2 years business tax returns (if applicable)
– 12-24 months bank statements
– Profit & Loss statement
– Business license
– CPA letter (sometimes required)
Can I qualify with fluctuating income
Yes! We average your income over 2 years and consider seasonal businesses. We also offer bank statement loans that use deposits instead of tax returns
What if my tax returns show low income
We offer several solutions:
– Bank statement loans (use gross deposits)
– Asset-based loans (use liquid assets)
– DSCR loans (for investment properties)
– Non-QM loans with alternative documentation
How long does approval take for self-employed
Typically 3-5 business days for pre-approval, 2-3 weeks for full approval. We work with lenders who understand self-employed income
Investment Properties
Can I get a mortgage for investment property?
Yes! We offer investment property loans including:
– Single-family rentals
– Multi-family properties (2-4 units)
– Commercial properties
– Fix-and-flip loans
– DSCR (Debt Service Coverage Ratio) loans
What's the minimum down payment for investment properties?
Typically 20-25% for conventional loans. Some programs allow:
– 15% down (with higher rates)
– 10% down (for experienced investors)
– Asset-based loans with flexible terms
Can self-employed people get mortgages
Absolutely! We specialize in self-employed mortgages. We offer bank statement loans, asset-based loans, and stated income programs designed for business owners and freelancers.
Do you consider rental income for qualification?
Yes! We count 75% of projected rental income toward your qualifying income. For experienced investors, we may count 100% with proper documentation.
What about fix-and-flip properties?
We offer hard money and bridge loans for fix-and-flip projects:
– Up to 90% of purchase price
– 100% of renovation costs
– 6-24 month terms
– Fast closing (7-14 days)
Bad credit & bankruptcy
Can I get a mortgage with bad credit?
Yes! We have programs for credit scores as low as 500:
– FHA loans (580+ score)
– Non-QM loans (500+ score)
– Hard money loans (asset-based)
– Co-signer programs
How soon after bankruptcy can I buy a home?
Waiting periods:
– Chapter 7: 2 years (FHA), 4 years (Conventional)
– Chapter 13: 1 year (FHA), 2 years (Conventional)
We have programs that may reduce waiting periods.
What if I have recent late payments?
We can work with:
– Recent late payments (with explanation)
– Collections and charge-offs
– High debt-to-income ratios
– Non-traditional credit histories
Can you help improve my credit for a mortgage?
We provide credit counseling and work with credit repair specialists. We can also suggest rapid rescoring techniques to improve your score before closing.
Process & Timeline
What happens after I apply?
Our process:
1. Application review (24 hours)
2. Document collection (2-3 days)
3. Underwriting (1-2 weeks)
4. Appraisal ordered (1 week)
5. Final approval (2-3 days)
6. Closing preparation (3-5 days)
What is underwriting?
Underwriting is when the lender reviews your application, income, assets, and credit to make a final lending decision. Our experienced team guides you through this process.
What happens during the appraisal?
An independent appraiser evaluates the property’s value. This typically takes 7-10 days. We coordinate the appointment and review results with you.
Can I lock my interest rate?
Yes! We offer rate locks from 30-90 days. We recommend locking when you’re satisfied with the rate and ready to proceed.
What are closing costs?
Typical closing costs in NY:
– Lender fees: 1-2% of loan amount
– Title insurance: 0.5-1%
– Attorney fees: $1,500-3,000
– Recording fees: $500-1,000
We provide detailed estimates upfront.
What do I need to bring to closing?
Closing requirements:
– Government-issued ID
– Certified funds for closing costs
– Homeowner’s insurance policy
– Final walk-through completed
We provide a detailed checklist 1 week before closing.
Ready to Get Your Mortgage Approved?
Business Hours
Monday - Friday: 9:00 AM - 6:00 PM
Saturday: By Appointment
Sunday: Closed
Licensed by
New York State Department of Financial Services
NMLS ID: #61581
