Jim Ronecker | Integrity Financial Services

 The most common type of mortgage. Conventional loans are not backed by the government and typically require stronger credit and stable income. They often offer competitive rates and flexible terms. 

 FHA loans are designed to help buyers with smaller down payments and more flexible credit guidelines. They are popular with first-time homebuyers. 

 VA loans are available to eligible veterans and active-duty service members. They often require little or no down payment and offer favorable loan terms. 

Jumbo loans are used when the loan amount exceeds conventional loan limits. They are commonly used for higher-priced homes and may require stronger financial qualifications.

 Bank statement loans are designed for self-employed borrowers who may not show traditional income on their tax returns. Instead of using W-2s, lenders review bank deposits to determine income eligibility. 

 DSCR (Debt Service Coverage Ratio) loans are designed for real estate investors. Approval is based primarily on the rental income generated by the property rather than the borrower’s personal income. 

Opening new credit can increase your debt and delay approval.  

 Financing cars, furniture, or appliances before closing can impact your approval. 

 Changing jobs during the process can delay or affect approval. 

Large or unusual deposits may require documentation and can slow things down. 

 Co-signing increases your debt and can impact your approval. 

Late payments during the process can affect your credit and approval.