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Questions & Answers

Can I get a mortgage with zero ($0) down?

Yes! Please read the Low or No Down Payment section of the site. There you’ll find several options for buying with nothing down, including VA, USDA and Sidwell’s FHA coupled with a non-repayable grant.

What is a No Income Verification loan?

The No Income Verification mortgage or NIV is generally used by people with good credit histories who do not wish to document their incomes. Under the NIV guidelines income is stated and employment is not verified. The NIV is ideal for the self-employed borrower with complicated tax returns and financial statements. A Stated Income mortgage is somewhat similar to a No Income Verification mortgage except that on Stated Income employment is verified. This program is used by our commissioned or self employed borrowers where employment can be verified, but income is not easily ascertained. The program typically requires a great credit history and equity in the property (either by ownership or down payment). These products can be found in the Specialty Loan Programs section of our website.

Can I buy if I have no credit scores?

Yes! There are not a lot of loan programs for individuals without credit scores, but we have a couple, and they work well if the borrower has a strong down payment and the transaction makes sense.

What is a short sale on a home?

A short sale occurs when a lender agrees to lower a loan balance at the request of the homeowner. The homeowner sells the property for less than the amount owed, and turns over the proceeds of the sale to the lender in full satisfaction of the debt. The lower payoff has to be negotiated and formally approved by the lender in advance of the sale. The formal negotiation of a short sale approval is conducted through the bank's loss mitigation department.

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