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?

Mortgage timing depends on the complete application, documentation, property, appraisal, title work, underwriting conditions, and parties involved.

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.