Resources
Mortgage FAQs
FHA Loans
Q: What is an FHA loan and who is eligible?
FHA loans are mortgages insured by the Federal government, designed for borrowers who need lower credit requirements or down payments. To qualify, you need a steady income, a credit score typically 580+ for a 3.5% down payment, and the home must be your primary residence. FHA loans are especially popular with first-time buyers, but anyone who meets the guidelines can applyazcentralcu.org.
Q: How much down payment do I need for an FHA loan?
You need at least 3.5% of the purchase price as a down payment if your credit score is 580 or aboveazcentralcu.org. (If your score is 500–579, the down payment is 10%.) For example, on a $300,000 home, 3.5% down is $10,500. Note that FHA loans also require mortgage insurance (MIP) when the down payment is under 20%, which is added to your monthly paymentazcentralcu.org.
Q: Can I buy a home with no money down?
If you are a qualified veteran or active-duty service member using a VA loan, you can often finance 100% of the purchase pricebenefits.va.gov (no down payment) and never pay PMIbenefits.va.gov. Otherwise, most loans require some down payment. FHA offers one of the lowest down payments (3.5%), and some conventional first-time buyer programs allow as little as 3% downazcentralcu.org.
VA Loans
Q: Who is eligible for a VA loan?
VA loans are available to veterans, active-duty service members, National Guard/Reserve members, and certain surviving spouses. To qualify, you need a Certificate of Eligibility (COE) from the VA. We can help you obtain the COE based on your service recordbenefits.va.gov. VA loans require sufficient income and credit to afford the mortgage, similar to other loans, but the VA does not set a specific minimum credit score.
Q: Do VA loans require a down payment?
In most cases, eligible borrowers can get a VA home loan with no down payment requiredbenefits.va.gov. There is a one-time funding fee (financed into the loan or paid upfront), but VA loans never require monthly private mortgage insurancebenefits.va.gov.
Conventional Loans
Q: What is a conventional loan?
A conventional (or conforming) loan is a home mortgage not insured by the government. These loans typically require higher credit scores and down payments (often at least 5–20%), but they can offer lower overall costs for well-qualified borrowers. Conventional loans come in fixed- or adjustable-rate options and must meet conforming loan limits (in 2025, the limit is $806,500 for a single-family home in Arizonaazcentralcu.org).
Q: What is Private Mortgage Insurance (PMI)?
PMI is insurance that protects the lender when your down payment is less than 20%. It’s added to your monthly payment. For a conventional loan, if you put 20% down, you avoid PMIazcentralcu.org. FHA loans have a different insurance (called MIP) that is required at all lower down payments.
General Mortgage Questions
Q: What documents do I need to apply for a mortgage?
You’ll generally need proof of income (pay stubs, W-2s, tax returns), proof of assets (bank statements, investments), a credit report, and identification (driver’s license or passport). If applicable, documents like your Certificate of Eligibility for a VA loan or divorce decrees (for alimony/child support) may be needed. Providing these early will speed up your application.
Q: What is debt-to-income ratio (DTI)?
DTI is the percentage of your gross monthly income that goes toward debt payments. Lenders often use rules like the 28/36 rule: no more than 28% of income on housing (mortgage, taxes, insurance, HOA) and no more than 36% on total monthly debtrocketmortgage.com. Keeping your DTI low makes it easier to qualify and manage your payments.
Q: What is an NMLS ID number?
NMLS stands for Nationwide Mortgage Licensing System. Each loan officer and lender has an NMLS ID (we list ours on this site). Consumers can use NMLS Consumer Access to verify that their lender is licensed and check their credentialsrocketmortgage.com. This helps you make sure you’re working with a reputable, licensed professional.
Q: What does Equal Housing Opportunity mean?
The Equal Housing Opportunity slogan means every borrower has the right to be treated fairly and without discrimination when applying for a mortgagerocketmortgage.com. Team Easy Loans for All proudly follows all fair housing laws, so you can trust that we will evaluate you based on your qualifications, not on personal characteristics.
