A fixed rate gives payment stability for the life of the loan. An ARM starts with a fixed period and then adjusts, which can help if you plan to move or refinance. Wally will compare both.

Putting 20% down avoids PMI. Some programs also offer lender-paid or reduced-PMI structures. Wally can model each option.

They are maximum loan amounts set annually by the FHFA. Loans above the limit are considered jumbo loans.

It depends on the program. Some are grants, some are forgiven over time if you stay in the home, and others are repaid as a low-interest second loan or when you sell or refinance.

Arizona has statewide and local assistance programs. Availability, funding, and eligibility change frequently, so Wally will review what is currently open for your situation.

Some programs pair assistance with a slightly different first-mortgage rate. Wally will compare the total cost with and without assistance so you can decide.

It is the property's monthly rental income divided by its monthly housing obligation. A ratio at or above the lender's minimum shows the property supports its own payment.

Typically not for qualifying income. You will still document assets, credit, and the property itself.

Many DSCR programs allow vesting in an LLC. Wally will confirm guidelines for your structure.

Yes. FHA loans include an upfront premium and an annual premium paid monthly. Wally will show you the full payment so there are no surprises.

Possibly. The property must meet FHA requirements, and condos generally must be in an approved project. Ask Wally to check your target property.

Depending on your down payment, insurance may last for the life of the loan. Many borrowers later refinance into a conventional loan once they have built equity.

Many first-time buyers qualify for programs with 3% to 3.5% down, and VA and USDA loans may allow no down payment for eligible borrowers.

Gather recent pay stubs, W-2s or tax returns, bank statements, and ID. Wally can also help you improve credit or reduce debt before you start house hunting.

Yes. A pre-approval shows sellers you are serious and gives you a clear price range before you tour homes.

A HELOC leaves your first mortgage untouched and offers flexibility. A cash-out refinance replaces your mortgage with a larger one. Wally will compare the numbers for you.

Most HELOCs have variable rates, though some programs allow fixing a portion of the balance.

Most borrowers use them for home improvements, debt consolidation, education, or reserves.

Any loan amount above the conforming limit for the county, which is updated annually.

Typically 10% to 20% or more depending on loan size and profile.

Not always. Pricing depends on the borrower profile and market conditions, and Wally can compare multiple lenders for you.

These loans carry different risk profiles and are not sold to the agencies, so pricing differs. Many borrowers use them as a bridge and refinance later.

Eligible deposits over 12 or 24 months are averaged, with an expense factor applied for business accounts.

Often yes, once your documentation or credit profile fits agency guidelines.

Many borrowers can complete the application in minutes and receive a pre-approval quickly once documents are in.

A broker can price a loan across multiple lenders instead of offering a single lender's products, which can help you find better terms.

Typical purchases close in about 30 days, depending on the property, appraisal, and contract terms.

When the monthly savings or long-term benefit outweighs the closing costs within the time you plan to keep the loan. Wally will calculate your break-even point.

Often yes, up to the maximum loan-to-value for the program and occupancy type.

You can choose a new 30-year term or a shorter term such as 20 or 15 years to keep your payoff date on track.

USDA publishes an eligibility map. Wally can check any address for you in seconds before you make an offer.

Yes. Limits vary by household size and location. Wally will review them during pre-approval.

USDA offers streamline refinance options for existing USDA borrowers who qualify.

Wally can usually request your COE through the VA portal once you apply. Having your DD-214 or statement of service ready speeds this up.

Yes. You may be able to reuse your entitlement after selling a home or in some cases while keeping a prior VA loan.

For borrowers with full entitlement there is generally no VA loan limit, though lenders set their own maximums based on your income and credit.