Top Homebuyer FAQ — Answered by Virginia Loan Officer Taylor Ellard

Here are the top 10 most frequently asked questions about homebuying that I’m getting as a loan officer in Virginia!

1. How much home can I afford?

Your affordability is based on income, monthly debts, credit profile, down payment, and current interest rates. I calculate this using your debt-to-income ratio (DTI) and your comfort level on monthly payment—not just what a system says you “qualify” for.

2. What credit score do I need to buy a house?

Credit requirements vary by loan type:

• FHA: 580+ (with flexible options)

• Conventional: 620+

• VA / USDA: No hard minimum, but 580–620 is typical
  Even if your score is lower, I can help you build a path to approval.

3. How much down payment do I need?

Down payments depend on your loan:

• 0%: VA & USDA

• 3%: First-time buyer conventional programs

• 3.5%: FHA

• 5–20%: Standard conventional
  Many buyers qualify for down payment assistance, even with moderate income.

• Remember, we can look at different VHDA grant options as well!

4. What are today’s interest rates?

Rates change daily and depend on credit, loan type, and market conditions. I provide personalized rate quotes that include all costs, fees, and scenarios, so you know exactly what to expect.

5. What are all the costs involved in buying a home?

Expect two main categories:

• Down payment

• Closing costs (typically 2–3% of purchase price)
  This includes appraisal, title, lender fees, taxes, insurance, and escrow setup. I can show you ways to reduce or negotiate these.

6. Is now a good time to buy a home?

The best time to buy is when:

• You’re financially ready

• The payment fits your budget

• You’re stable in your job/location

Markets change, but strategy wins. I help buyers time the market, not guess it.

7. What type of mortgage is best for me?

Options include:

• FHA (flexible credit and down payment)

• Conventional (strong credit, lower PMI)

• VA (no down payment, no PMI for veterans)

• USDA (zero down in eligible areas)

• Jumbo + Non-QM options
  I walk you through which one keeps the most money in your pocket long-term.

8. How do I get pre-approved with Taylor Ellard?

My pre-approval process is simple:

1. Complete a short online application

2. Upload income/asset documents

3. I review credit, income, and your goals

4. You receive a fully verified pre-approval letter

This usually takes less than 24 hours as long as you provide the documents necessary in time!

Here’s the link to get started, click here.

9. How long does the mortgage process take?

Everyone is different, but a typical timeline:

• Pre-approval: Same day

• Under contract → Clear to close: 21–30 days
  Fast closings (10–14 days) are possible with full upfront underwriting.

10. What mistakes should I avoid when buying a home?

Avoid doing these before closing:

• Opening new credit

• Switching jobs

• Making large cash deposits

• Buying a car or financing furniture

• Missing payments
  I guide you through what’s safe (and not safe) every step of the way.