FHA loans can be ideal for individuals looking to buy a home with a low down payment and less-than-perfect credit. We've put together a list of our most frequently asked FHA questions below.

What documents does my mortgage banker need to see?

Your banker will ask you for any specific documentation, but you will generally need to provide paystubs, bank statements, W2s, 1099s (if applicable), and Tax Returns.  

What do I do if/when my pre-approval expires?

Your pre-approval expires if there are any changes to your employment, income, or it has been longer than 90 days. Your banker will need to re-run your credit, and you will need to send updated documents.

How long does it take to get an appraisal back?

It takes at least 10 business days, but could take up to 30. 

When and how do I pay for my appraisal?

When the appraisal is ordered, you have 72 hours to input your payment method through the email notification you receive. 

When will I get my Closing Disclosures?

Closing Disclosures are sent out 3 days before your closing date. 

Do I send you my home inspection?

The home inspection is between you and your seller, so you do not need to send it to us.

Can I borrow more money to fix the property?

We can only finance the sales price of the home. If the property needs repairs, they will have to be made prior to settlement.

My parents are willing to give me money for the down payment. Is that allowed?

Yes! Your down payment can come from a variety of sources, including checking and savings, 401k or other retirement accounts, liquidation of an asset, or even a gift from a family member. Read about down payment options here.

Do I have to make a down payment?

Yes. FHA loans require a minimum 3.5% down payment, which you can get from a variety of sources. Read about down payment options here.

Do you have a down payment assistance program?

CityWorth Mortgage does not work with down payment assistance programs, but there are a variety of ways to source your down payment. CityWorth Mortgage can work to get your closing costs covered so that all you need to bring to closing is your down payment!

I'm worried my closing costs will be high, what can I do?

Closing costs come directly from the interest rate and your credit score, but with our Closing Costs Eliminator we can help you reduce those costs. Additionally, here at CityWorth Mortgage we work closely with your real estate agent to make sure the seller covers the majority or all of your closing costs!