What is a mortgage broker, and how is it different from a bank?

A mortgage broker is an independent intermediary that shops your loan across many wholesale lenders to find you the best rate and terms. A bank is a single lender offering only its own products. 4MG Mortgage is a broker with access to 50+ wholesale lenders, so we can match your unique situation to the lender most likely to approve and price it well.

What states does 4MG Mortgage serve?

4MG Mortgage is licensed in Florida, Colorado, and Texas. NMLS #2567469.

What languages does 4MG Mortgage speak?

Our team serves clients in English, Spanish, and Portuguese.

How long does it take to close a mortgage with 4MG?

Our average closing time is 15 days from a complete application, depending on loan type and appraisal turnaround. Some loans (FHA Streamline, VA IRRRL) can close even faster.

What’s the difference between pre-qualified and pre-approved?

Pre-qualification is a quick estimate based on self-reported information. Pre-approval is a deeper review with verified income, assets, and credit, resulting in a written commitment from the lender. Sellers and real estate agents take pre-approvals seriously; pre-qualifications carry less weight. Always get pre-approved before house hunting.

Does getting pre-approved affect my credit score?

Pre-qualification typically uses a soft credit pull and does not affect your score. Full pre-approval requires a hard credit pull, which can briefly drop your score by a few points. Multiple mortgage inquiries within a 14-45 day window are usually counted as a single inquiry by credit bureaus.

How much down payment do I need to buy a house?

It depends on the loan type:

• Conventional: typically 3-5% for first-time buyers
• FHA: 3.5%
• VA: 0% down for eligible veterans
• DSCR/Investor: 20-25%
• Foreign National: 25-35%

Down payment assistance programs are also available in Florida (Hometown Heroes, FL Assist, etc.).

What credit score do I need to buy a house?

Minimum credit scores vary by program:

• FHA: as low as 580 (sometimes 500 with 10% down)
• Conventional: typically 620+
• VA: usually 580+
• Jumbo: often 700+

Higher scores get better rates. We can also help borrowers with thinner credit files using bank statement, ITIN, or asset-based programs.

Are there down payment assistance programs in Florida?

Yes. Florida offers several DPA programs including Florida Hometown Heroes, Florida Assist, FL HFA Preferred, and county-specific programs. Many provide up to $35,000 toward down payment and closing costs for first-time buyers and essential workers. 4MG Mortgage helps clients identify and apply for the right DPA program.

What is the difference between FHA and Conventional loans?

FHA loans are government-backed, allow lower credit scores (down to 580), require only 3.5% down, but require Mortgage Insurance Premium (MIP) for the life of the loan in most cases. Conventional loans require higher credit scores, often 5-20% down, and PMI can be removed at 20% equity. FHA is generally better for first-time or lower-credit buyers; Conventional is often cheaper long-term for buyers with strong credit and 10%+ down.

What is a DSCR loan?

DSCR (Debt-Service Coverage Ratio) loans are investor mortgages that qualify based on the property’s rental income rather than the borrower’s personal income. The DSCR is the ratio of monthly rent to the monthly mortgage payment (PITIA). DSCR loans don’t require tax returns or W-2s, making them ideal for self-employed investors and portfolio builders.

What is a jumbo loan?

A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac (typically $806,500 in most areas as of 2026, higher in expensive counties). Jumbo loans usually require higher credit scores (700+), larger down payments (10-20%), and more reserves.

What is a Non-QM loan?

Non-QM (Non-Qualified Mortgage) loans don’t fit the standard underwriting box defined by federal Qualified Mortgage rules. They include Bank Statement, DSCR, ITIN, Foreign National, Asset Depletion, and Profit & Loss programs. Non-QM loans serve borrowers who can repay but whose income doesn’t fit traditional documentation, like self-employed business owners or real estate investors.

Can I buy a house if I’m self-employed?

Yes. Self-employed borrowers can qualify with traditional documentation (2 years of tax returns), or with alternative programs:

• Bank Statement Loans: qualify on 12-24 months of business or personal bank statements
• Profit & Loss programs: qualify on a CPA-prepared P&L
• Asset Depletion: qualify based on liquid assets

4MG Mortgage specializes in self-employed financing.

Can I get a mortgage with an ITIN number instead of an SSN?

Yes. ITIN loans are mortgages designed for borrowers without a Social Security number who pay taxes using an Individual Taxpayer Identification Number (ITIN). 4MG offers ITIN loans in Florida, Texas, and Colorado, typically requiring 15-25% down and 2 years of ITIN tax returns.

Do I need to be a US citizen to buy a home in the US?

No. Foreign nationals (non-US-resident buyers) and permanent residents can purchase US property. 4MG Mortgage offers Foreign National loans for international buyers and specializes in helping Canadian buyers purchase in the US, with terms typically requiring 25-35% down and proof of foreign income.

Can I refinance my mortgage?

Yes. Refinancing replaces your current mortgage with a new one, typically to lower your rate, change loan term, switch from ARM to fixed, or take cash out. The two main types are rate-and-term refinance (lower rate or change term) and cash-out refinance (tap home equity for cash). 4MG offers both, plus FHA Streamline and VA IRRRL streamline options.

What is a cash-out refinance?

A cash-out refinance lets you replace your existing mortgage with a larger one and take the difference as cash. It’s commonly used for home improvements, debt consolidation, or investment opportunities. You can typically cash out up to 80% of your home’s value on a primary residence.

What is PMI (Private Mortgage Insurance)?

PMI is insurance that protects the lender if you stop making payments. It’s typically required on Conventional loans when you put less than 20% down. PMI can be removed once you reach 20% equity. FHA loans have a similar charge called MIP, which has different removal rules.

What are closing costs?

Closing costs are fees paid at the close of a real estate transaction, typically 2-5% of the loan amount. They include lender fees (origination, processing), third-party fees (appraisal, title, escrow), prepaid items (taxes, insurance, interest), and recording fees. Closing costs can sometimes be rolled into the loan or covered by seller concessions.

What is APR vs interest rate?

The interest rate is the cost of borrowing the principal. The APR (Annual Percentage Rate) includes the interest rate plus most lender fees, expressed as an annual percentage. APR is a more accurate measure of the total cost of the loan and is useful for comparing offers from different lenders.

How much house can I afford?

A common rule of thumb is that your total monthly housing payment (PITIA) should not exceed 28-31% of your gross monthly income, and total debts should not exceed 43-50%. Use 4MG’s mortgage calculators or get a free pre-approval to see what you qualify for based on your specific situation.

What documents do I need to apply for a mortgage?

Typical documents include:

• 2 years of W-2s or 1099s
• 2 years of tax returns (full federal)
• 1-2 months of pay stubs
• 2 months of bank statements
• Photo ID
• For refinancing: your current mortgage statement

Self-employed borrowers may also need P&Ls, bank statements, and business documentation. Foreign National buyers need passport, visa, foreign income proof, and bank statements.

How do I apply for a mortgage with 4MG?

Start your application online at our secure application portal or call (786) 769-5444. Our online application takes about 10 minutes, with no impact to your credit. A loan officer will follow up to discuss your options and request supporting documents.

What makes 4MG Mortgage different?

4MG is independent, women-led, and trilingual (English/Spanish/Portuguese). We shop your loan across 50+ wholesale lenders to get the best rate, average 15-day closings, and specialize in hard-to-place financing including DSCR, Bank Statement, ITIN, Foreign National, and Self-Employed loans. Our 5.0 Google rating reflects our service-first approach.