Mortgage Resources
Everything you need to navigate the home loan process with confidence.
Mortgage Calculators
Crunch the numbers before you buy
Document Checklist
What you’ll need for your loan application
👤 Identity & Employment
- Government-issued photo ID (driver’s license or passport)
- Social Security card or number
- Most recent 2 pay stubs
- W-2s from the past 2 years
- Employment verification letter (if requested)
- If self-employed: 2 years of tax returns + YTD P&L
💵 Income & Assets
- Bank statements (2-3 months, all pages)
- Investment/retirement account statements
- Gift letter (if using gift funds for down payment)
- Rental income documentation (if applicable)
- Alimony/child support documentation (if using as income)
🏡 Property Information
- Purchase agreement/contract
- Property address and details
- Homeowners insurance quote
- HOA information (if applicable)
- Condo/co-op questionnaire (if applicable)
📄 Additional Documents
- Divorce decree (if applicable)
- Bankruptcy discharge papers (if applicable)
- VA Certificate of Eligibility (for VA loans)
- Explanation letters for credit inquiries or gaps
- Landlord contact info (if renting)
Homebuyer Guides
Step-by-step resources for your journey
First-Time Buyer’s Guide
Everything you need to know about buying your first home, from pre-approval to closing day.
Read the Guide →VA Loan Guide
How to use your VA benefits, eligibility requirements, and why VA loans are the best deal.
Read the Guide →Investor’s DSCR Guide
How DSCR loans work, qualification requirements, and building your rental portfolio.
Read the Guide →Credit Score Guide
How your credit affects your rate, tips to improve your score, and what lenders look for.
Coming SoonRefinancing Guide
When to refinance, break-even analysis, and cash-out vs. rate-and-term options.
Read the Guide →Closing Day Checklist
What to expect, what to bring, and how to prepare for your big day.
Coming SoonFrequently Asked Questions
Quick answers to common mortgage questions
What credit score do I need to buy a home?
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It depends on the loan type. FHA loans allow scores as low as 580 (or 500 with 10% down). Conventional loans typically require 620+. VA loans have no official minimum, but most lenders want 620+. DSCR loans for investors usually need 660+. The higher your score, the better your rate—but don’t let a lower score stop you from exploring your options.
How much down payment do I need?
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Less than you might think! VA loans offer 0% down for eligible veterans. FHA loans start at 3.5% down. Conventional loans can go as low as 3% for first-time buyers. You don’t need 20% down—that’s a myth. However, putting more down can lower your monthly payment and eliminate PMI.
How long does the mortgage process take?
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At 4MG Mortgage, our average closing time is 21 days. The timeline depends on how quickly you provide documents, the appraisal schedule, and underwriting review. Complex loans (jumbo, self-employed) may take 30-45 days. We keep you updated every step of the way.
What’s the difference between pre-qualified and pre-approved?
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Pre-qualified is a quick estimate based on info you provide—no verification. Pre-approved means a lender has reviewed your credit, income, and assets and issued a conditional commitment. Pre-approval is much stronger and shows sellers you’re a serious buyer. In competitive markets like Miami, you need pre-approval.
What is PMI and how do I avoid it?
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PMI (Private Mortgage Insurance) protects the lender if you default. It’s required on conventional loans with less than 20% down. Ways to avoid PMI: put 20%+ down, get a VA loan (no PMI ever), or use lender-paid PMI (higher rate, no monthly PMI). FHA loans have their own version called MIP.
Can I buy a home if I’m self-employed?
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Absolutely! Self-employed borrowers typically need 2 years of tax returns showing consistent income. We also offer bank statement loans that use 12-24 months of deposits instead of tax returns, and DSCR loans for investment properties that don’t require income verification at all.
What is a DSCR loan?
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DSCR (Debt Service Coverage Ratio) loans qualify you based on the rental income of the property, not your personal income. No tax returns, pay stubs, or W-2s required. If the property’s rent covers the mortgage payment (typically 1.0x or higher), you can qualify. Perfect for real estate investors.
Should I lock my rate or float?
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If you’re happy with the current rate and closing within 30-60 days, lock it. Rates can change daily. Floating means gambling that rates will drop—sometimes they do, sometimes they don’t. We can discuss rate lock options and help you make the best decision for your situation.
Latest Articles
Tips, insights, and market updates
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First-Time Buyers
5 Mistakes First-Time Buyers Make (And How to Avoid Them)
Don’t let these common errors derail your home purchase…
Coming Soon📰
Market Update
Miami Housing Market: What Buyers Need to Know
Current trends, inventory levels, and where prices are heading…
Coming Soon📰
Investor Tips
How to Build a Rental Portfolio with DSCR Loans
Scale your real estate investments without using personal income…
Coming SoonHave Questions? Let’s Talk.
Our team is ready to help you navigate the mortgage process.