Straight Answers
Frequently Asked Mortgage Questions
The questions Arizona borrowers actually ask, answered the way Paul answers them on the phone: plainly, with the trade-offs included.
Getting approved
What credit score do I need to buy a home?
Conventional loans generally start around 620 with the best pricing above 740. FHA works from the low 600s and sometimes below with compensating strength. Non-QM programs weigh credit as one factor among several. The score matters, but the file wins loans; see rate and credit for what moves pricing.
How much down payment do I need?
From 0% (VA) to 3% (conventional first-time) to 3.5% (FHA) on primary homes, 10%+ on most jumbo and non-QM programs, and more for investment property. The property type guide maps it program by program.
I'm self-employed. Why is this so much harder for me?
Because standard underwriting reads tax returns, and good tax strategy minimizes exactly the number underwriters read. It is not harder with the right documentation: bank statement, P&L, and asset-based programs qualify you on how you actually earn.
How fast can I close?
When the payment works for your plan and the lock period comfortably covers your closing. Trying to time the exact bottom is a coin flip; locking a payment you’re happy with is a decision.
Rates and costs
Why won't anyone just tell me the rate?
Because an honest rate depends on your credit, program, property, and the day’s market, and a teaser number that ignores those is marketing, not a quote. The rates page explains what actually sets your price, and a real personalized quote takes one same-day call.
What are closing costs and who pays them?
Roughly 2 to 3% of the price, covering lender, escrow, title, and prepaids. Sellers can credit toward them in negotiation, lender credits can offset them in exchange for rate, and every figure appears on your Loan Estimate before you commit.
Should I pay points to buy down my rate?
Only if the break-even beats your timeline: divide the cost of the points by the monthly savings, and if you will hold the loan well past that number of months, points can pay. If a refinance or move is likely first, keep the cash.
Life situations
Can I buy after a bankruptcy or foreclosure?
Yes, with waiting periods that vary by program, and non-QM options that lend sooner than conventional timelines for re-established borrowers. The path back is shorter than most people assume.
How does divorce affect my mortgage options?
Support income can count with documented history and continuance; refinancing can remove an ex-spouse from the loan; and equity buyouts have several structures. It is one of the most common scenarios Paul handles, and it is very solvable.
Can I use rental income or a future ADU to qualify?
Existing rental income counts with documentation, market-rent appraisals can help on multi-unit purchases, and DSCR loans qualify investment property entirely on the property’s own cash flow.
Have one that is not here? That is what the phone is for: 949-606-4117, evenings and weekends included.
Talk it through with Paul
Get a straight answer about your scenario, usually in one conversation.
Paul Healey
Personal NMLS: 328365 Company: Spectrum One Mortgage Company NMLS: 332549