MOST ASKED QUESTIONS ABOUT MORTGAGE LOANS (WITH CLEAR ANSWERS)
Below is a comprehensive, borrower-friendly FAQ section designed to address the questions lenders hear every day.
Verify my mortgage eligibility (Nov 26th, 2025)1. What credit score do I need to qualify for a mortgage?
Your credit score affects not only your approval but also the interest rate you receive.
Typical minimums:
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Conventional: 620+
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FHA: 580+ (with stronger options at 620+)
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VA: Flexible, often 580 - 620
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Jumbo: 680 - 720+
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DSCR/Investor: 620 - 660+
A higher score = lower payment and more loan program options.
2. How much do I need for a down payment?
The down payment depends on the loan type:
Verify my mortgage eligibility (Nov 26th, 2025)-
Conventional: 3% - 20%
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FHA: 3.5%
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VA: 0%
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Jumbo: 10% - 20%+
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Investment Properties: 15% - 25%+
California and Florida both offer competitive down payment assistance programs for qualifying buyers.
Verify my mortgage eligibility (Nov 26th, 2025)3. Which loan type is best for me - Conventional, FHA, VA, or something else?
It depends on your credit, income, property type, and financial goals.
Here's a simple breakdown:
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Conventional: Best for strong credit & competitive pricing
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FHA: Ideal for lower credit or first-time buyers
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VA: Best for veterans & active military (no down payment)
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Jumbo: High-value properties
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DSCR: Investors using rental income to qualify
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Reverse Mortgage: Seniors 62+ seeking retirement cash flow
Borrowers searching for Mortgage Loans San Diego CA (1) and Mortgage Loans San Diego CA (2) often benefit from comparing all available programs.
4. Do I need to be pre-approved before shopping for a home?
YES - absolutely.
Verify my mortgage eligibility (Nov 26th, 2025)A pre-approval:
✔ Strengthens your offer
✔ Helps you know your true price range
✔ Identifies potential credit or income issues early
✔ Speeds up the closing process
In competitive markets like San Diego, pre-approval is essential.
5. What determines my mortgage rate?
Your mortgage rate depends on:
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Credit score
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Loan type
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Down payment
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Debt-to-income ratio
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Current market conditions
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Loan term (15-year vs. 30-year)
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Property type (condo, single-family, investment, etc.)
Working with a broker gives you access to multiple rate options - not just one bank's pricing.
6. What closing costs should I expect?
Closing costs typically range from 2% to 5% of the loan amount.
These include:
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Appraisal
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Title fees
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Lender fees
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Property taxes
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Insurance
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Escrow setup
Verify my mortgage eligibility (Nov 26th, 2025)
We often help borrowers reduce out-of-pocket costs through lender credits or strategic rate selection.
7. How long does it take to close a mortgage?
Typical timelines:
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Conventional: 20 - 30 days
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FHA: 25 - 35 days
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VA: 30 - 45 days
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Refinances: 20 - 40 days
Verify my mortgage eligibility (Nov 26th, 2025)
Fast-track options are available if documentation is complete.
8. Can self-employed borrowers qualify?
Yes - absolutely.
Options include:
✔ Bank-statement loans
✔ Asset-based loans
✔ Profit & loss (P&L) loans
✔ DSCR for investment properties
Self-employed borrowers in CA & FL have more flexibility than ever thanks to expanded underwriting options.
9. Is a mortgage broker better than a direct lender?
In most cases, YES.
A mortgage broker can:
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Compare multiple wholesale lenders
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Offer lower rates
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Provide transparent fee structures
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Deliver faster pre-approvals
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Access niche programs banks don't offer
That's why many borrowers searching for San Diego Mortgage Loans choose brokers over banks.
10. Are rates different between California and Florida?
Rates are similar, but loan limits and program availability may differ:
Verify my mortgage eligibility (Nov 26th, 2025)-
California: Higher conforming limits, jumbo-friendly
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Florida: Strong investment, DSCR, and second-home pricing
Borrowers in both states benefit from comparison shopping with the Best Mortgage Lenders in San Diego and equivalent lenders across Florida.
Verify my mortgage eligibility (Nov 26th, 2025)🌴 California & Florida Borrowers Have More Options Than Ever
Whether you are a first-time buyer, refinancing for better terms, or expanding your real estate portfolio, the right loan strategy can save you tens of thousands over time.
Borrowers seeking Mortgage Loans San Diego and San Diego Mortgage Loans often take advantage of our multi-lender platform to find competitive pricing and customized plans.
📞 Need Answers About Your Mortgage Options? Let’s Talk.
Whether you're in California, Florida, or specifically researching Mortgage Loans San Diego CA, we're here to help you review your options and make confident financial decisions.
Elixir Mortgage Lending
📞 800.558.0496
🌐 ElixirMortgageLending.com
NMLS #1704105 | BRE #01901050