Frequently Asked Questions
Who we serve & how to start
A: Click Prequalify on our site or email elaine.zhang@top1mortgage.com with your name, phone, target price, down payment, and timing. We’ll review and reply with next steps the same day whenever possible.
A: For conventional/FHA loans with complete docs, 24–48 hours is typical. Non-QM or foreign national loans may take a bit longer depending on documentation.
Qualification & credit
A: Program minimums vary, but stronger credit generally improves pricing and approvals. If your score is limited or thin, we’ll discuss alternatives, including Non-QM options.
A: Many conventional approvals land under ~45% DTI; some automated approvals allow higher with strong compensating factors (credit, reserves, down payment). We’ll run your file to confirm.
Down payment & cash to close
A: Conventional can be as low as 3% for qualified first-time buyers; 5%+ is more common. Jumbo, DSCR, and some Non-QM programs usually require larger down payments.
A: Often yes—typically from an eligible family member and documented per guidelines. We’ll provide the exact gift letter and documentation steps.
Income & documentation
A: Yes—Non-QM programs (e.g., bank-statement or CPA/P&L) can evaluate cash-flow instead of tax returns. Documentation and pricing vary by program.
A: For conventional/FHA, usually two years of returns and business docs. For Non-QM, we may use 12–24 months of bank statements or a CPA-prepared P&L
Investors & property types
A: DSCR compares gross rent to the proposed payment; many programs look for ~1.00× or higher. Great for rentals and often doesn’t require personal income docs.
A: Often via Non-QM/DSCR programs. We’ll review the budget, reserves, insurance, and any assessments to determine eligibility.
Foreign national & ITIN
A: Yes—documentation may include passport/visa (or ITIN), proof of assets, and credit alternatives. Expect higher down payments and reserve requirements.
Process, timing & after closing
A: With a complete file, ~21–30 days is common. DSCR/Non-QM timelines are similar but can vary by appraisal and title turn-times.
A: Waiting periods depend on program and filing type. Non-QM may allow much shorter timelines than agency loans.
Mortgage Loan Help
A: Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first-time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
A: With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
A: An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally, the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
A: There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. TopOne Mortgage Inc. can help you evaluate your choices and help you make the most appropriate decision.
A: For most homeowners, the monthly mortgage payments include three separate parts:
Principal: Repayment on the amount borrowed
Interest: Payment to the lender for the amount borrowed
Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
A: The amount of cash that is necessary depends on the number of items. Generally speaking, though, you will need to supply:
Earnest Money: The deposit that is supplied when you make an offer on the house
Down Payment: A percentage of the cost of the home that is due at settlement
Closing Costs: Costs associated with processing paperwork to purchase or refinance a house
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Disclosure: Not a commitment to lend. All loans subject to credit approval, property appraisal, and program guidelines. Terms may change without notice.