Frequently Asked Questions

Question 1

Where do I even begin?

Accepted Answer

The best first step is a free consultation with us. We'll review your financial picture — income, credit, savings, and goals — and tell you exactly where you stand and what programs you may qualify for. There's no obligation and no paperwork required for that first conversation.

Question 2

How much house can I afford?

Accepted Answer

A general rule of thumb is that your total monthly housing payment (principal, interest, taxes, insurance, and HOA if applicable) should be no more than 28–31% of your gross monthly income. Your total debt payments (including the mortgage) should stay under 43–45%. Our free Home Affordability Calculator on the Calculators page can give you a personalized estimate in minutes.

Question 3

Do I need to be pre-approved before I start looking at homes?

Accepted Answer

Technically no — but practically, yes. Most sellers and real estate agents won't take you seriously without a pre-approval letter. It also helps you shop with confidence, knowing exactly what you can afford. We can typically issue a pre-approval letter within 24–48 hours of receiving your documents.

Question 4

What's the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is a quick estimate based on self-reported information — useful for early planning but not taken seriously by sellers. Pre-approval involves verifying your income, assets, and credit, and results in a commitment letter that carries real weight in a competitive market. We strongly recommend going straight to pre-approval if you're actively shopping.

Question 5

What states do you serve?

Accepted Answer

We are currently licensed to originate mortgages in Florida, Georgia, South Carolina, and North Carolina. Our HELOC product is currently available for Georgia borrowers only.

Question 6

What credit score do I need to buy a home?

Accepted Answer

It depends on the loan program. FHA loans allow scores as low as 580 (with 3.5% down) or even 500 (with 10% down). Conventional loans typically require a 620 minimum. VA loans have no official minimum but most lenders look for 580–620. Jumbo loans usually require 700 or higher. A higher score generally means a better interest rate, so it's worth improving your score before applying if you have time.

Question 7

Will applying for a mortgage hurt my credit score?

Accepted Answer

A full mortgage application requires a hard credit inquiry, which may temporarily lower your score by a few points. However, multiple mortgage inquiries made within a 45-day window are typically treated as a single inquiry by the major credit bureaus — so shopping around won't compound the impact. Pre-qualification often uses a soft pull, which has no effect on your score.

Question 8

Can I get a mortgage if I'm self-employed?

Accepted Answer

Absolutely. Self-employed borrowers can qualify for all the same loan programs as W-2 employees. The documentation requirements are a bit more involved — typically 2 years of personal and business tax returns, a year-to-date profit & loss statement, and business bank statements. We work with self-employed borrowers regularly and know how to present your income in the best light.

Question 9

What if I have past credit issues — bankruptcy, foreclosure, or collections?

Accepted Answer

Past credit events don't automatically disqualify you. FHA loans allow borrowers to apply as soon as 2 years after a bankruptcy discharge and 3 years after a foreclosure. VA loans have similar waiting periods. Conventional loans typically require 4–7 years depending on the event. We'll review your specific situation and tell you honestly where you stand and what timeline looks like.

Question 10

How much income do I need to qualify?

Accepted Answer

There's no minimum income requirement — what matters is the ratio of your income to your debts (your debt-to-income ratio, or DTI). Most programs allow a DTI up to 43–50% depending on the loan type and compensating factors. We'll calculate your DTI during your consultation and tell you exactly what purchase price range you qualify for.

Question 11

How much do I need for a down payment?

Accepted Answer

It depends on the loan program. VA loans require zero down payment for eligible veterans. FHA loans require as little as 3.5% down with a 580+ credit score. Conventional loans start at 3% for first-time buyers and 5% for repeat buyers. Jumbo loans typically require 10–20%. You'll also need funds for closing costs, which typically run 2–5% of the loan amount.

Question 12

Can I use gift money for my down payment?

Accepted Answer

Yes, for most loan programs. FHA loans allow the entire down payment to come from a gift from a family member. Conventional loans allow gift funds as well, though some programs require the borrower to contribute a minimum amount from their own funds. We'll let you know the specific rules for your loan program.

Question 13

What are closing costs and how much should I expect to pay?

Accepted Answer

Closing costs are fees paid at the time of closing and typically include lender fees, title insurance, appraisal, attorney fees, prepaid taxes and insurance, and other third-party charges. They generally run 2–5% of the loan amount. We'll provide you with a detailed Loan Estimate early in the process so there are no surprises.

Question 14

Can the seller pay my closing costs?

Accepted Answer

Yes — seller concessions (where the seller agrees to cover some or all of your closing costs) are common and negotiable. The amount a seller can contribute depends on the loan program and your down payment. We'll advise you on how to structure your offer to maximize seller contributions without hurting your chances of acceptance.

Question 15

What is PMI and can I avoid it?

Accepted Answer

Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. It protects the lender — not you — and adds to your monthly payment. The good news: PMI is cancellable once you reach 20% equity. VA loans have no PMI at all. FHA loans have mortgage insurance for the life of the loan in most cases, which is one reason some borrowers prefer conventional loans once they qualify.

Question 16

How long does it take to close?

Accepted Answer

Most of our clients close in 15 business days from completed application. The timeline depends on how quickly documents are provided, appraisal scheduling, and underwriting volume. We'll give you a realistic estimate at your consultation and keep you updated throughout the process.

Question 17

What happens after I submit my application?

Accepted Answer

Once your application is submitted, our team verifies your income, assets, employment, and property details. Your file then goes to underwriting for a thorough review, and an appraisal is ordered simultaneously. Once underwriting approves your file, you receive a Clear to Close and we schedule your closing. See our Application Process page for a full step-by-step breakdown.

Question 18

Can I lock my interest rate?

Accepted Answer

Yes. Once your application is submitted and a property is under contract, we can lock your rate for a set period — typically 30–60 days. Rate locks protect you from market fluctuations while your loan is in process. We'll discuss rate lock timing and strategy during your consultation.

Question 19

What documents will I need?

Accepted Answer

The core documents are: last 2 years of W-2s or tax returns, most recent 30 days of pay stubs, last 2–3 months of bank statements, government-issued photo ID, and Social Security number. Self-employed borrowers will also need a profit & loss statement. Once you have a property under contract, you'll add the signed purchase agreement and homeowner's insurance quote. Our Application Process page has a full checklist.

Question 20

Do I have to come into an office?

Accepted Answer

No. Our entire process is designed to be completed remotely. Consultations are held via Zoom, applications are submitted digitally, documents are uploaded securely online, and closings can often be done remotely as well. We work with clients across FL, GA, SC, and NC without requiring in-person visits.

Question 21

What interest rate can I expect?

Accepted Answer

Rates change daily based on market conditions and vary based on your credit score, loan type, down payment, loan term, and property type. We don't publish rates because they're personalized — the best way to get an accurate rate is to book a consultation. We'll show you real numbers based on your actual profile.

Question 22

Should I choose a fixed or adjustable rate?

Accepted Answer

A fixed-rate mortgage keeps your interest rate the same for the life of the loan — predictable and stable. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an initial period (e.g., 5 or 7 years) then adjusts periodically. ARMs can make sense if you plan to sell or refinance before the adjustment period. We'll help you evaluate both options based on your timeline and risk tolerance.

Question 23

What loan programs do you offer?

Accepted Answer

We offer Conventional, FHA, VA, Jumbo, Refinance (rate & term, cash-out, FHA Streamline, VA IRRRL), and HELOC (Georgia borrowers). Each program has different eligibility requirements, down payment minimums, and rate structures. See our Loan Programs page for a detailed breakdown of each.

Question 24

Is now a good time to buy or should I wait for rates to drop?

Accepted Answer

This is one of the most common questions we get, and the honest answer is: it depends on your personal situation. Waiting for rates to drop means potentially missing out on home appreciation and competing with more buyers when rates do fall. The saying in the industry is 'marry the house, date the rate' — you can always refinance when rates improve, but you can't go back and buy the same house at today's price. We'll help you run the numbers for your specific situation.

Question 25

When does refinancing make sense?

Accepted Answer

Refinancing makes sense when the long-term savings outweigh the closing costs. A common benchmark is a rate reduction of at least 0.5–1%, but it really depends on how long you plan to stay in the home. We'll calculate your break-even point — the number of months it takes for your monthly savings to cover the cost of refinancing — so you can make an informed decision.

Question 26

What makes Motto Mortgage Community Solutions different?

Accepted Answer

We're a community-focused mortgage brokerage, not a big bank. That means we work for you — not for a single lender — and we have access to a wide range of loan products to find the best fit for your situation. We're known for our 15-business-day close, transparent communication, and genuine commitment to the communities we serve in FL, GA, SC, and NC.

Question 27

Do you work with real estate agents?

Accepted Answer

Yes, and we love building relationships with agents. We understand that your clients' experience reflects on you, which is why we prioritize communication, realistic timelines, and on-time closings. If you're an agent looking for a reliable lending partner, we'd love to connect.

Question 28

How do I get started?

Accepted Answer

The easiest way is to book a free Zoom consultation on our Appointments page. You can also call or text us at (904) 867-4695 or (904) 867-4694, reach us via WhatsApp, or fill out the contact form on our Contact page. We typically respond within a few hours during business hours.

Question 29

What is your NMLS number?

Accepted Answer

Motto Mortgage Community Solutions NMLS #2629349. You can verify our license and look up our information on the NMLS Consumer Access website at nmlsconsumeraccess.org.

No Jargon. Just Answers.

Getting Started

Credit & Income

Down Payment & Costs

The Process

Rates & Programs

Working With Us

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