Question 1

How do I know which loan type is right for me?

Accepted Answer

The best loan type depends on your credit score, down payment, income documentation, and whether you are a veteran. Conventional loans work best for buyers with 620+ credit and standard income. FHA loans are ideal for lower scores or smaller down payments. VA loans are unmatched for eligible veterans. Use the quiz above or speak with a Best Finance advisor for personalized guidance.

Question 2

What credit score do I need to buy a home?

Accepted Answer

Minimum credit scores vary by loan type: FHA loans start at 580 (or 500 with 10% down), conventional loans typically require 620+, VA loans start at 580, and jumbo loans usually need 700+. Higher scores unlock better rates and lower monthly payments, but there are options at nearly every credit level.

Question 3

How much down payment do I need?

Accepted Answer

Down payment requirements range from 0% (VA loans) to 20% or more (to avoid PMI on conventional loans). FHA loans start at 3.5%, and some conventional programs allow as little as 3%. Your down payment amount affects your rate, monthly payment, and whether private mortgage insurance is required.

Question 4

What is the difference between a fixed-rate and adjustable-rate mortgage?

Accepted Answer

A fixed-rate mortgage keeps the same interest rate for the entire loan term -- your payment never changes. An adjustable-rate mortgage (ARM) starts with a lower introductory rate for a set period (typically 5, 7, or 10 years), then adjusts periodically based on market rates. ARMs can save money short-term but carry rate risk long-term.

Question 5

Can I get a mortgage if I am self-employed?

Accepted Answer

Yes. Self-employed borrowers can qualify using bank statements, asset depletion, or profit-and-loss documentation instead of traditional W-2s and pay stubs. Best Finance offers specialized programs for business owners, freelancers, and 1099 contractors with competitive rates.

Question 6

How long does the mortgage process take?

Accepted Answer

Most purchase loans close in 21 to 45 days depending on complexity. Refinances can often close faster. With Best Finance, you can complete the application in minutes, receive a preliminary rate offer quickly, and work with a dedicated loan officer who guides you through every step from pre-approval to closing.

Type	Min Down	Min Credit	Max Loan	Best For
Conventional	3%	620	Conforming limits	Buyers with good credit and stable income
FHA	3.5%	580	County limits	First-time buyers and lower credit scores
VA	0%	580	No limit	Veterans and active-duty military
Jumbo	10%	700	Up to $3M+	High-value and luxury properties
ARM	5%	620	Conforming or jumbo	Short-term owners or those expecting rate drops
Self-Employed	10%	660	Varies	Business owners and 1099 earners

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