Homebuyer FAQ

A pre-approval is a lender's review of your income, assets and credit before you shop. It shows sellers you have started the loan process, and it is not a commitment to lend.

Most buyers start with recent pay stubs, W-2s or tax returns, bank statements and a photo ID. Self-employed buyers may need more, so ask Greg for your list.

No. A pre-qualification is usually a quick estimate, while a pre-approval reviews your documents and credit. Sellers and agents tend to give a pre-approval more weight.

It depends on your income, debts, down payment and the loan type. Ask Greg for your numbers before you start touring.

Each loan type sets its own credit guidelines, and some are more flexible than others. Ask Greg to review your credit and walk through the options that fit.

A pre-approval usually includes a credit check. Ask Greg how the inquiry works before you apply.

Sometimes, yes. Loan programs look at the whole picture, including how long ago issues happened, so talk with Greg about your situation.

It depends on the loan type. Options can start with a low down payment, so ask Greg for your numbers.

MSHDA is the Michigan State Housing Development Authority. It offers loan programs and down payment assistance for eligible Michigan buyers.

Eligibility depends on factors like income, purchase price and the loan program. Ask Greg to check whether you qualify.

Many loan types allow gift funds from family, with a gift letter and documentation. Ask Greg what your loan type requires.

FHA loans are insured by the Federal Housing Administration and can be more flexible on credit. Conventional loans follow Fannie Mae and Freddie Mac guidelines, and the right fit depends on your situation.

VA loans are for eligible veterans, active duty service members and some surviving spouses. They can allow little or no down payment for eligible buyers.

USDA loans help buyers in eligible rural and suburban areas, with income limits. Many Michigan areas outside major cities may qualify, so ask Greg to check an address.

It depends on your credit, savings, income and the home you want. Greg can compare the options side by side for you.

Yes, but lenders now review the building as well as the buyer. Fannie Mae and Freddie Mac updated condo rules in 2026, so check the HOA budget, reserves and insurance early. Read the condo page.

For conventional loans, the lender reviews the project, including its budget, reserves, insurance and delinquencies. FHA and VA keep their own condo approval rules. See the condo guide.

It is not over. Portfolio and non-QM options may still work. Learn more.

An appraisal is an independent opinion of a home's value. The lender uses it to confirm the home supports the loan.

Yes. Fannie Mae and Freddie Mac require a redesigned report, UAD 3.6, for new appraisals starting Nov 2, 2026. It changes how a home is measured, described and photographed, not who decides value. See the appraisal guide.

The new report measures square footage under the ANSI standard, split above and below grade. Local custom cannot change it, so report and listing numbers may differ. Read more.

Closing costs are fees and prepaid items due at closing, such as lender, title and escrow charges. Your Loan Estimate lists them, and Greg can walk you through each line.

You review and sign your final loan and title documents, and funds are delivered. Once the transaction records, you get the keys.

Avoid new credit, large purchases, job changes or unexplained deposits until closing. Ask Greg before making any big financial move.