Questions
The questions buyers actually ask.
Answered plainly, with the jargon explained where it can't be avoided. If yours isn't here, request a free consultation and ask the team directly.
Getting started
- How do I start? What's the first step?
- Request a free consultation. Tareq or his team will confirm a time, then talk through your goal, rough numbers and next step. The first call is free and takes about 15 minutes.
- Do I need money or documents ready for the first call?
- No. The first call is just a conversation. Documents (pay stubs, W-2s, bank statements, ID) come after, once we've decided it makes sense to move toward a pre-approval.
- How much does it cost to work with you?
- The first call is free. A mortgage itself carries lender, third-party, prepaid and government charges, and those depend on the loan and the property. Your Loan Estimate and Closing Disclosure are the documents that show the real numbers, and they are the ones to compare.
- How long does the whole process take?
- There is no fixed timeline for every mortgage. Timing depends on the application, documents, property, appraisal, title work, underwriting conditions and contract. The team confirms the next milestone from the actual file.
- Do you only work with first-time buyers?
- No. Tareq and his team help first-time and repeat buyers, self-employed borrowers and people with hard-to-place files. They also handle refinancing, home equity and HELOCs, investment property, jumbo, USDA and more. See all loan programs.
- Can I borrow against the equity in my home?
- Yes. A home equity loan or a HELOC borrows against equity you already have, and if you have a mortgage it sits on top of that as a second one. A cash-out refinance replaces the first loan instead. Both are worth comparing rather than assuming.
- What if my credit isn't great yet?
- Credit is one part of the file, not the whole of it. The useful next step is to look at where it actually stands, which program rules that affects, and what could realistically change. A single score does not decide this on its own.
By loan program
Questions specific to each program. Tap any program name for the full page.
FHA loans→
- Is FHA only for first-time buyers?
- No, and this is the most common misunderstanding about it. First-time and repeat buyers can both use FHA. The home generally has to be the one you live in, and your file still has to meet the current rules.
- Is FHA a worse loan than conventional?
- Neither one is worse. They are built differently, and which comes out ahead depends on your credit, your cash, the house and how long you keep the loan. The only comparison worth trusting is both offers run on your file.
Conventional loans→
- Is conventional always better than FHA?
- No. Each one wins for some files and loses for others. Compare the complete offers for the same buyer and the same house: cash needed at closing, mortgage insurance, terms, and the cost over the years you actually plan to stay.
- Does conventional mean a fixed rate?
- No, and this one trips people up. Conventional describes who stands behind the loan, not how the rate behaves. A conventional loan can be fixed or adjustable. Your note and disclosures tell you which one you have.
VA loans→
- Does being eligible mean I am approved?
- No. Eligibility comes from your service record. Approval comes from your income, credit, debts, savings and the property. Plenty of eligible borrowers still have work to do on the second half, and it is much better to find that out early.
- Can I use a VA loan more than once?
- Often yes. What matters is how much entitlement you have left and what happened with the earlier loan. It's a specific check against your record, not a yes or no anyone can give you from a website.
Virginia Housing first-time buyer programs→
- Is Virginia Housing help free money?
- Not necessarily. Different programs are built differently, and some are loans or carry conditions. The program's own documents say which one you are getting. Read them before you count the money as yours.
- Does being a first-time buyer qualify me?
- Not on its own. Programs can also set income, property, occupancy, education and loan-type requirements. First-time status is usually the door into a program, not the whole test.
Down payment assistance→
- Do I have to pay it back?
- It depends entirely on the program. Some don't ask for repayment, some are second loans, and some come back at you when you sell, refinance or move out. That program's own paperwork is the answer, not a general rule.
- How do I know a program is still running?
- Start at the agency or the city that runs it, because a program page on somebody else's website can be years out of date. Then check that the lender, the loan and the property all fit before you build a plan around it.
DSCR investor loans→
- Do I need to show my tax returns for a DSCR loan?
- Usually the property's income does the qualifying, not your returns. That is not the same as nothing being checked. Your credit, your cash and the property are all still reviewed.
- Can I use a DSCR loan for a property I live in?
- No. These are for rental property only. If you plan to live in the home, start with the purchase programs instead.
Non-QM loans→
- Is a non-QM loan a subprime loan?
- No. Subprime was about weak credit. Non-QM is only about whether a loan meets one federal definition. Plenty of non-QM borrowers have strong credit and real money in the bank.
- Should I try a standard loan first?
- Usually worth checking. If a conventional, FHA or VA loan fits your file, that comparison is worth doing before anything else. Non-QM earns its place when the standard path genuinely does not work for you.
Bank statement loans→
- How many months of statements will I need?
- It depends on the lender. The number of months, whether the account is business or personal, and how deposits get counted are all set by the program you use.
- Is this the same as a no-documentation loan?
- No. You still prove your income. You just prove it a different way. There is real paperwork, and the file is still underwritten.
USDA loans→
- Does every rural home qualify?
- No. USDA uses its own eligibility map and updates it. The exact address has to be checked, even when the area looks rural.
- Is the location check enough to qualify?
- No. The address is one part. Your household information, credit, income, debts, savings and the property still have to meet the current loan rules.
Jumbo loans→
- What loan amount counts as jumbo?
- It depends on the year and where the property is. FHFA publishes the current conforming limits, and the amount above the applicable limit is treated as jumbo.
- Are all jumbo loans underwritten the same way?
- No. Lenders write their own jumbo guidelines. The right comparison uses current offers built from the same borrower, property and loan amount.
Rate-and-term refinance→
- Does a lower monthly payment mean the refinance saves money?
- Not by itself. The payment may be lower because the new loan runs longer. Compare closing costs, the new payoff date and the cost over the years you expect to keep it.
- Do I have to restart with a long loan term?
- No. Different terms may be available. The right one depends on the payment you can carry and how quickly you want the balance gone.
Cash-out refinance→
- How is this different from a HELOC?
- A cash-out refinance replaces your first mortgage. A HELOC normally sits beside it as a second mortgage. Compare what happens to the full debt, not only the cash you receive.
- Can a cash-out refinance lower my payment too?
- It can change the payment, but no direction is guaranteed. The new rate, term, balance, insurance and costs all affect the result. A current comparison is the only useful answer.
FHA Streamline refinance→
- Can I use an FHA Streamline if my current loan is conventional?
- No. This program is for an existing FHA-insured mortgage. A conventional loan would need a different refinance path.
- Does streamline mean no paperwork or closing costs?
- No. The process may use less documentation, but it is still a new loan with current rules and costs that need to be reviewed.
Foreign national loans→
- Is every non-US citizen a foreign national borrower?
- No. Lawful permanent and non-permanent residents may be eligible under standard loan guidelines. The right category depends on the borrower's current legal and financial facts.
- Are foreign national programs all the same?
- No. They are lender-written programs. Documents, property use, funds and terms have to be checked against a current lender's rules.
Reverse mortgages→
- Does the lender own the house?
- No. The homeowner keeps title, but the reverse mortgage is a loan secured by the property. The balance and the homeowner's ongoing duties still matter.
- Do taxes, insurance and repairs go away?
- No. The homeowner is still responsible for property taxes, homeowners insurance and keeping the property maintained.
Commercial property loans→
- Is a commercial loan just a larger home mortgage?
- No. The purpose, property, income, ownership and documents can all be reviewed differently. The lender's current commercial program controls the structure.
- What should I have ready for the first review?
- Start with the property address and use, purchase or payoff information, leases or income if any, ownership structure and a plain explanation of the loan purpose. The lender can then name the exact document list.
Home equity loans and HELOCs→
- Should I take a HELOC or refinance the whole mortgage?
- It depends on the loan you already have, what you need the money for, and what each option costs in full. A HELOC leaves your first mortgage alone. A cash-out refinance replaces it. Neither one is automatically better. Put both in front of you before you choose.
- What can I use the money for?
- Lenders set their own rules, and some ask. The harder question is whether the reason is worth putting your house behind it. If you are borrowing because the mortgage you already have is hard to pay, the CFPB will connect you to a HUD-approved housing counselor first. Take that call.
Still have a question?
Request a consultation and ask the team directly.