Frequently Asked Questions About Mortgages
Find answers to common questions about home loans, the mortgage process, and working with Sonic Loans.
Getting Started
What credit score do I need to buy a home?
Credit requirements vary by loan type. FHA loans accept scores as low as 500 (with 10% down) or 580 (with 3.5% down). Conventional loans typically require 620+. VA loans have no minimum but most lenders prefer 620+.
How much down payment do I need?
Down payment requirements range from 0% (VA loans) to 3% (some conventional) to 3.5% (FHA) to 10-20% (conventional/jumbo). Your loan officer can help determine the best option.
How long does the mortgage process take?
Most loans close in 30-45 days from application to funding. Some programs like VA streamline refinances can close faster.
Loan Types
What is the difference between FHA and conventional loans?
FHA loans are government-insured with lower credit requirements but require mortgage insurance. Conventional loans have stricter requirements but may have lower overall costs for well-qualified borrowers.
Do I qualify for a VA loan?
VA loans are available to veterans, active-duty military, and eligible surviving spouses. You'll need a Certificate of Eligibility (COE) which we can help you obtain.
Contact Us
Have more questions? Call Sonic Loans at (313) 488-4888 for personalized answers.