FAQ's
These are some of the most common questions borrowers ask.
FAQ's
These are some of the most common questions borrowers ask.
How do I qualify for a loan?
Qualifying for a loan depends on several factors including your credit score, income, employment history, and debt-to-income ratio. These factors are reviewed to determine eligibility and available loan options.
What documents are needed?
Proof of income, assets, identification, and credit information are commonly required for individuals included on the loan application. A complete list will be provided to you.
My job doesn't allow phone calls during my shift. Is texting an option?
Yes, texting is a good way to communicate for many questions. In some situations, a phone conversation may still be needed.
What is the difference between a Pre-qualification and a Pre-approval?
A pre-qualification is typically provided after a loan originator has reviewed information such as income documentation and a credit report. It is an initial assessment and is not a final loan decision. A pre-approval (and final approval) generally requires a more complete review of the file and is issued only after an underwriter has reviewed and accepted the loan based on verified documentation. Requirements and review levels vary by lender and loan program.
Can I get a loan if my credit score is low?
There isn’t a simple yes or no answer. Some borrowers with lower credit scores may still have loan options available. Eligibility depends on individual circumstances and loan program requirements. Once credit information is reviewed, it may be possible to discuss what factors are impacting the score.
Do I need 20% down to buy a home?
No. Many loan programs offer options with lower down payments. Requirements vary depending on the loan type and borrower eligibility.
5559 S Sossaman Rd, Bldg 1, Ste 101
Mesa, AZ 85212
Copyright@2024 | NEXA Lending LLC
Company State LIcense # AZMB -0944059
Corporate NMLS# 1660690
Debra Hubka,
Mortgage Loan Originator
NMLS # 2722960
Debra Hubka provides mortgage guidance and loan origination services, assisting consumers with home purchase financing, refinancing, and real estate investment property loans through third-party lenders. Debra Hubka is an independent mortgage loan originator. Loans originated through NEXA Lending, LLC.
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