FAQ

The typical down payment for a mortgage is around 3-5% of the home's purchase price, but there are options available for lower down payments as well & Down Payment Assistance, in the form of a grant or Second Lien loan.

While credit score requirements can vary among lenders, you can qualify for a mortgage with a credit score as low as 550, depending on the loan product. However, a higher credit score, typically in the range of 620 to 740, may offer better interest rates and loan terms.

Down payment assistance programs provide financial support to help homebuyers cover the upfront costs of purchasing a home, making homeownership more accessible for individuals who may not have enough savings for a down payment.

Closing costs are fees and expenses paid at the closing of a real estate transaction. These costs typically include loan origination fees, appraisal fees, title insurance, and other charges associated with finalizing the mortgage.

VA loans are available to active-duty service members, veterans, and eligible surviving spouses. Specific eligibility requirements include meeting service length requirements and obtaining a Certificate of Eligibility (COE) from the VA.

For individuals with limited income residing in small towns, USDA loans or FHA loans could be beneficial options. These loans are designed to assist individuals in rural areas or with low to moderate incomes. It's recommended to consult with Mosaic Mortgage to explore the best loan options based on your specific financial situation and location.

Widows of military personnel may be eligible for VA loans under certain conditions. It's advisable to contact Mosaic Mortgage directly to inquire about your specific situation and eligibility for a VA loan as a widow of a military personnel.

For individuals with less than perfect credit, a FHA loan or a VA loan could be suitable options. These loans are backed by the government and may have more lenient credit requirements compared to conventional loans. It's recommended to consult with Mosaic Mortgage to explore the best loan options based on your specific credit situation.

To start the loan process for a mortgage, you can begin by contacting Mosaic Mortgage directly through their website or by visiting their office in Oklahoma City. They will guide you through the application process and provide you with all the necessary information and assistance.

To qualify for a reverse mortgage, you typically need to be at least 62 years old, own your home outright or have a low mortgage balance, and live in the home as your primary residence. Additionally, you must meet certain financial requirements, including the ability to pay property taxes, insurance, and maintenance costs.

W-2s or 1099s (from the past 2 years) Recent pay stubs (showing at least 30 days of income) Bank statements (last 2-3 months) Tax returns (if self-employed or required by your lender) These documents help us verify your income, assets, and overall financial situation to determine how much you can borrow.

No, the Certificate of Eligibility (COE) is a required document for VA loan pre-approval. It verifies your eligibility based on your military service. While you can start gathering other documents, we will need the COE to finalize your pre-approval for a VA loan.

If you don’t have all your documents ready, we won’t be able to complete the pre-approval process. However, we can begin reviewing your file and let you know what’s missing. The sooner you provide documents like your W-2s, pay stubs, and Certificate of Eligibility (for VA loans), the sooner we can finalize your pre-approval.

You can obtain your Certificate of Eligibility (COE) in three ways: Online: Through the VA’s eBenefits portal. With the help of your lender: We can request it on your behalf during the pre-approval process. By mail: Using VA Form 26-1880, if necessary. We’re happy to assist you with this process to ensure it’s as quick and easy as possible.

The Certificate of Eligibility (COE) confirms that you meet the service requirements to qualify for a VA loan. Without the COE, we cannot process a VA loan pre-approval because it’s needed to establish your eligibility. You can request the COE through the VA’s eBenefits portal, or we can help you obtain it.