FAQs

First Time Home Buyers | General Mortgage Questions | The Loan Process
Payment & Account Information | Qualifying For A Mortgage
 | Loan Product Questions
 


First Time Home Buyers

First Time Home Buyers

When am I considered a First Time Homebuyer?
Generally, if you have not owned a home for at least three years, you are considered a first time homebuyer.

How long do I need to be employed before I am eligible for a mortgage?
Eligibility requirements vary, but there are options if you do not personally meet the requirements. Typically, proof of two or more years in the same line of work needs to be provided.


General Mortgage Questions

General Mortgage Questions

Can I change my mortgage amount after application?
Yes. You can adjust your mortgage amount. Our recommendation is that you speak with a Loan Originator. Please be mindful that a change could potentially delay your closing. You should alert your LO as soon as possible to prevent possible delays.

If I need additional information regarding my loan, who should I contact?
If your loan is with our mortgage servicer, Cenlar, please contact their customer service at 855-836-4999. If you are unsure where your loan was transferred, please contact Homestead Funding Corp customer service at 1-800-787-0947.


The Loan Process

The Loan Process

Can I be approved for a mortgage without locking in an interest rate?
Yes, you will receive a commitment letter with a floating rate.


Payment and Account Information

Payment & Account Information

When and how do I make my first payment?
Yes, you can adjust your mortgage amount. Our recommendation is that you speak with a Loan Originator. Please be mindful that a change could potentially delay your closing. You should alert your LO as soon as possible to prevent possible delays.

I received notification that my loan was sold. Will this affect the terms of my loan?
Absolutely not! It is standard practice in the mortgage industry for loans to be sold. Be assured that the terms of your loan* will remain the same. You will be notified by the selling company with a “goodbye letter” 15 days prior to the sale and by a “welcome letter” from the purchasing company within 15 days of the sale date.
*This includes: original loan amount, amortization, interest rate, and mortgage insurance. Your loan terms will remain the same. Please note that taxes and homeowners insurance are subject to change.


Qualifying For A Mortgage

Qualifying For A Mortgage

Can I use a co-signer in order to qualify?
Yes, most of our products allow for a co-signer. Please contact your Loan Originator to see if the products you qualify for allow for a co-signer.

How do you access my credit score and what does it mean?
Your credit score is retrieved from your credit report. The credit report is pulled from three different credit bureaus (this DOES NOT mean we pull your report three times, it just means that it takes three bureaus to calculate your score). The three credit bureaus are Equifax, TransUnion, and Experian). Once you’ve authorized HFC to pull your credit report, we will go ahead and do so. Your credit score is a number which predicts the likelihood of a consumer properly repaying their bills, and it is unique to each individual based on credit history.

When your credit score is calculated, it uses the following criteria:

  • Current level of indebtedness
  • Newly opened credit
  • Available credit
  • Length of time credit has been in use
  • Severity, frequency and recency of delinquency

Loan Product Questions

Loan Product Questions

If I am purchasing a home and need to make renovations, do you offer loans that can do this?
Yes, we offer FHA 203k loans as well as Fannie Mae Homestyle and FHA Energy Efficient Mortgages. For more detailed information visit our Renovation Loan page.