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Stephen Levias

Stephen Levias

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FAQs

Common questions I get all the time.

Click on the questions below to see the answers.

Do I need to have great credit to get a mortgage?

Not necessarily.  Typically the minimum credit score to get a conventional loan is 620 and the score can be as low as 600 to obtain an FHA loan with some lenders.  Having low credit scores will come with challenges and lots of explaining to the lender. 

My recommendation is to have a 640 credit score.  Paying your revolving credit down to 30% of the balance and making sure you have good credit history before applying can be helpful in improving your credit score.  Try this before you consult a credit repair company.  

How much of a down payment do I need to purchase a home?

You can get a conventional loan with as low as 3 percent down, an FHA loan with 3.5 percent down and a VA and USDA loan with no money down at all.  However, it is important to know that the lower your down payment the more expensive the loan. 

Be prepared to private mortgage insurance on a loan with a down payment less that 20%.  Despite that these loans are a great way to get into your first home.

What documentation to I need to apply?

Great Question!  If you are employed by a company be prepared to provide the following:

  • Income (last 2 years W2s, 2 recent pay stubs)
  • Assets (2 months bank statements all pages even is the last one is blank)
  • If the money is not coming from your personal assets make sure to specify where it will be coming from. i.e gift from family, retirement account, bonus from company.

If you are self employed:

  • 2 years tax returns and 1099s. Year to date p&l and 3 months bank statements.

The lender will also need an application from you.  So be sure to apply and be as accurate as possible in your application.  Avoiding inaccuracies and errors is extremely important and can help you to obtain a clean and hassle free loan approval.  


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510-255-1226
stephen@arcuslending.com

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1245 S Winchester Blvd, Suite 209, San Jose, CA 95128
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