Arnaiz Mortgage

What credit score do I need to qualify for an FHA loan with Arnaiz Mortgage?

You may qualify for an FHA loan with a credit score as low as 500, however, if your score is between 500 and 579, you must provide a larger down payment of 10%. Borrowers with a credit score of 580 or better are eligible for a down payment as low as 3.5%.

Does Arnaiz Mortgage offer VA loans, and what are the benefits for veterans?

Yes, Arnaiz Mortgage is proud to offer VA loans to eligible veterans, active-duty service members, and surviving spouses, which typically include benefits such as no down payment, no monthly private mortgage insurance (PMI), and competitive interest rates.

What types of down payment assistance programs are available through Arnaiz Mortgage?

Arnaiz Mortgage can help you explore various down payment assistance programs at the state and local levels. These programs may offer forgivable loans or grants to cover a portion of your down payment and closing costs, reducing your initial expenses when purchasing a home. Specifics depend on your location.

What is a DSCR loan, and how can it benefit real estate investors working with Arnaiz Mortgage?

A DSCR (Debt Service Coverage Ratio) loan is designed for real estate investors and is based on the cash flow of the rental property you intend to purchase, making it easier to qualify based on the property's potential income rather than your personal income. Arnaiz Mortgage offers DSCR loans to help investors expand their portfolios.

Can Arnaiz Mortgage assist with refinancing my current mortgage?

Yes, Arnaiz Mortgage offers refinancing options including FHA streamline refinances, which may allow for faster approval and reduced documentation requirements, potentially helping you secure a lower interest rate or switch from a variable-rate to a fixed-rate mortgage.

Does Arnaiz Mortgage offer Renovation Loans, and what can they be used for?

Yes, Arnaiz Mortgage provides renovation loans that allow you to finance both the purchase and renovation costs of a property into a single loan, ideal for fixer-uppers. These can cover necessary repairs or upgrades to improve the property's value.

How can I get pre-approved for a mortgage with Arnaiz Mortgage?

You can start the pre-approval process by sharing your financial details (income, debts, credit history) with Arnaiz Mortgage. This will help estimate your eligibility and give you a clearer idea of how much you can afford, strengthening your position when shopping for a home.