❓ Mortgage FAQ · Real Answers · No Runaround

Mortgage Questions.
Real Answers.

No fluff. No runaround. The questions I get asked every week — answered the way I'd answer them on a phone call. If yours isn't here, call me directly.

📞 Call James — 448-777-2126 Apply Now — Free

✓ Soft pull only — won't impact your credit  ·  ✓ Same-day pre-approval in most cases  ·  ✓ 28-day average close

Getting Started

Before You Buy

Always the lender first. The lender controls the money. Knowing exactly what you qualify for — and which program fits your situation — before you start shopping means you never fall in love with a home you can't close on. Call me first. It's free and soft pull only.
No. My application uses a soft pull only — it will not impact your credit score in any way. You'll know exactly where you stand with zero risk to your credit.
It depends on the program. VA and USDA require zero down. FHA requires 3.5% with 580+ credit. HomeReady and Home One conventional start at 3%. Conventional standard starts at 5%. You do not need 20% down to buy a home. And if you own land, that equity can cover the down payment on a modular home package — potentially zero out of pocket.
It depends on the program. FHA allows as low as 500 with 10% down and 580 with 3.5% down. VA has no minimum score requirement though most lenders want 580+. Conventional starts at 620. USDA typically requires 640+. If your score is below where it needs to be I have a credit restoration specialist who can help get you there — usually 30–90 days for meaningful improvement.
Same day in most cases. Apply online with a soft pull and I'll review your file and reach out personally. If you need a full pre-approval letter for an offer we can typically turn that around within 24 hours of receiving your documents.
Yes. A denial from one lender is not a final answer. I work commission earners, credit rebuilders, high DTI files, VA refers, and complex income situations that most lenders turn away. I do manual underwrites for both VA and FHA — when the automated system says no, I review the full picture. Let me look at the actual file before you give up.
Pre-qualification is a quick estimate based on what you tell me — no documents, no credit pull. Pre-approval is a full review of your income, credit, and assets with a commitment letter that sellers take seriously. In competitive markets you need a pre-approval — not just a pre-qual. I can do both — call or apply online.
Veterans & Military

VA Home Loan Questions

Yes. Your VA benefit is reusable for life. In most cases you can use it again even if you currently have an existing VA loan — as long as you have remaining entitlement. I'll check your Certificate of Eligibility when you apply.
Most veterans do pay a funding fee — it can be rolled into the loan so it doesn't cost you out of pocket at closing. However veterans with a service-connected disability rating may be completely exempt. Always worth checking before closing — I verify this on every VA file.
An AUS refer is not a denial. Manual underwrites are available for VA and I know how to build one correctly — compensating factors, residual income calculation, explanation letters, the full picture. If another lender turned your file away let me look at it before you walk away from a benefit you earned.
Veterans with full entitlement have no maximum loan amount with zero down — VA removed loan limits in 2020. Reduced entitlement situations may require a down payment above a certain amount. I'll calculate this for your specific situation when you apply.
Yes — up to a 4-unit property, as long as you occupy one of the units as your primary residence. The rental income from the other units can be used to help qualify. This is one of the most underused features of the VA benefit — you can house-hack with a VA loan.
The Interest Rate Reduction Refinance Loan (IRRRL) is a VA streamline refinance that lowers your rate on an existing VA loan with minimal documentation and no new appraisal required. It makes sense when current rates are meaningfully lower than your existing VA rate. If you already have a VA loan and haven't refinanced, call me — it may be a straightforward win.

This one is personal — my mom is a veteran. I don't send VA files away. → Full VA Loan page

FHA & Renovation

FHA & 203K Questions

The FHA 203K Limited loan lets you buy a home and finance up to $75,000 in non-structural repairs in a single mortgage — one loan, one closing, one payment. Kitchens, bathrooms, roofs, HVAC, flooring — all covered. I closed one myself in 53 days on commission income with a 51% DTI on 705 Dawes Drive in Denham Springs. → Full 203K page
Yes. FHA requires 2 years after a Chapter 7 discharge and 1 year into a Chapter 13 repayment plan with trustee approval. If you're at or past these timelines let's look at your file — the clock may have already run and you may be closer to qualifying than you think.
On most FHA loans originated after 2013 with less than 10% down — no. FHA MIP stays for the life of the loan. This is one reason conventional is often the better path for buyers with 680+ credit and 5%+ down. When your equity reaches 20%, a refinance to conventional removes MIP permanently. I'll run both scenarios on every file so you have real numbers to compare.
FHA 203K Limited is capped at $75,000 in repairs and covers non-structural work only — kitchens, baths, roofs, HVAC, flooring. The Standard 203K has no repair cap and allows structural work but requires a HUD consultant and more complexity throughout. Most buyers use the Limited — it handles the vast majority of renovation needs without the added overhead.
A manual underwrite is when a human underwriter reviews your full file instead of relying solely on the automated underwriting system (AUS). It's needed when the AUS returns a "Refer" — meaning the automated system couldn't approve it. Manual underwrites are available for both VA and FHA. I know how to build them correctly — compensating factors, explanation letters, the full picture. Most lenders don't do them. I do.

→ Full FHA Loan page with MIP tables, DTI tiers, and HUD guidelines

USDA & Conventional

USDA & Conventional Questions

USDA eligibility is based on property location and household income. Send me the address and I'll check immediately — no obligation, no credit pull. More suburban areas qualify than most buyers realize. Denham Springs, Hammond, Zachary, and large parts of Mississippi all have significant USDA-eligible zones.
With 680+ credit and 5%+ down, conventional often beats FHA on total monthly cost — especially since conventional PMI cancels when you hit 20% equity and FHA MIP doesn't. But FHA has more flexibility on credit scores, DTI, and gift funds. I run both scenarios on every file so you can choose with real numbers, not assumptions.
PMI automatically cancels at 78% LTV based on your original purchase price and payment schedule. You can request removal at 80% LTV — and if your home has appreciated you can request a new appraisal to demonstrate higher equity, which may get you there faster than payments alone.
Yes — and this is one of the most powerful tools available to rural buyers. If you own land free and clear, 100% of its appraised value counts as equity toward a home package. In some cases this covers the entire down payment, meaning zero cash out of pocket. This is especially common in Mississippi where multi-generational land ownership is widespread. → Land + Home page
The Process

How It All Works

My average close time is 28 days. Standard conventional and FHA purchases close in 21–30 days with organized buyers. VA loans typically run 28–35 days. 203K can take 45–60 days depending on renovation scope. I started in lending as a processor, underwriter, and funder — I know how to spot problems before they delay closings.
For a standard application: last 2 years W-2s or tax returns, last 2 pay stubs, last 2 months bank statements, and a copy of your ID. Self-employed buyers need 2 years tax returns and year-to-date P&L. VA buyers also need DD-214 or Statement of Service. I'll give you a complete list specific to your situation after the initial call.
Closing costs typically run 2–5% of the loan amount and include lender fees, title fees, prepaid interest, insurance, and taxes. Seller concessions can cover some or all of these — up to 6% on FHA and USDA, 3–6% on conventional depending on down payment, up to 4% on VA. I'll give you a real Loan Estimate after you apply so you see the actual numbers before you commit.
Yes — it requires coordination and the right loan structure. We need to look at whether you're carrying two payments temporarily, whether the sale of your current home funds the down payment on the new one, and whether the timeline of both closings can be aligned. Call me so we can map it out before you list or make an offer.
A 2/1 buydown is a seller concession that temporarily reduces your interest rate — 2% below note rate in year one, 1% below in year two, then you settle at the permanent rate from year three forward. The seller funds it at closing. It makes sense when sellers are offering concessions and you'd rather take a rate reduction than closing cost credits, or when you expect rates to drop and may refinance before year three.
Credit & Income

Credit Score & Income Questions

Yes. I closed my own mortgage on commission income with just over one year in my role — 51% DTI, 53 days from offer to keys. Commission income, 1099 income, and self-employment income all qualify with the right documentation. Two years of tax returns showing the income is the standard requirement. For self-employed borrowers with heavy write-offs, bank statement loan products are also available.
Debt-to-income ratio is your total monthly debt payments divided by your gross monthly income. FHA allows up to 50%+ DTI with compensating factors. VA focuses on residual income rather than a hard DTI cap. Conventional typically caps at 45–50%. USDA is typically 41–44%. High DTI files aren't automatically dead — I closed my own 203K at 51% DTI. Call me before you assume you don't qualify.
I typically get clients where they need to be in about 3 weeks with targeted rapid rescore strategies — disputing inaccuracies, paying down utilization to the right levels, removing accounts that are hurting the score. My credit restoration specialist Natasha Stewart works with clients who need more time — usually 30–90 days for more significant rebuilds. We build the plan and close when you're ready.
Not always. FHA does not require medical collections to be paid. Non-medical collections under $2,000 cumulative may not need to be paid depending on the AUS finding. VA is very flexible on collections. Conventional has its own set of rules depending on the account type and AUS decision. The answer depends on your specific file — let me look at it rather than assuming the worst.
Possibly — through non-traditional credit documentation. FHA allows manual underwrites that use alternative credit references: 12 months of on-time rent payments, utility bills, insurance, cell phone payments. This requires a manual underwrite and compensating factors, but it's not an automatic no. If you have no credit score, call me — there may be a path through FHA manual underwriting.
Payment Estimator

Estimate Your Monthly Payment

Get a ballpark before you apply. Soft pull when you're ready — this calculator doesn't touch your credit.

PITI Payment Calculator
Principal · Interest · Taxes · Insurance · Mortgage Insurance (where applicable)
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⚠️ This is an estimate only — actual payment depends on your credit score, final rate, property taxes, HOA, and insurance. Get a real Loan Estimate: apply online or call 448-777-2126.
Start to Close

How the Process Actually Works

Five steps from first call to keys in hand. This is what every client goes through — and what I manage on my end so nothing falls through the cracks.

01
Pre-Qualification Call
Soft pull. Program identified. Loan amount confirmed. We know your path before we take a step.
02
Pre-Approval
Full application. Docs collected. Pre-approval letter issued. You're ready to make offers sellers take seriously.
03
Under Contract
Home found. Offer accepted. Appraisal ordered. File submitted to underwriting. I keep your realtor updated every step.
04
Underwriting
Underwriter reviews the full file. Conditions issued and cleared. Clear to close issued. This is where experience matters most.
05
Closing Day
Sign the docs. Get the keys. Average 28 days from contract to close. Done.
Real Closings

Recently Closed Across 9 States

Every program. Every market. Real clients, real closings.

VA Purchase
Zachary, Louisiana
FHA 203K Renovation
Denham Springs, Louisiana
USDA Purchase
Richland, Mississippi
Conventional Purchase
Houston, Texas
FHA Purchase
Boynton Beach, Florida
VA Purchase
Killeen, Texas
Conventional Refi
Katy, Texas
FHA Purchase
Fruitland Park, Florida
Client Reviews

What Clients Are Saying

5.0 · 18 verified reviews on Experience.com & Facebook

★★★★★
"My mortgage loan experience was outstanding from start to finish. Professional, transparent, excellent communication every step of the way."
T
Tramelle G.
VA Client · Zachary, LA
★★★★★
"As a real estate broker I've worked with many lenders. James takes even the most challenging transactions and guides them to a smooth closing."
H
Hartley H.
Real Estate Broker · Jackson, MS
★★★★★
"If you're a Realtor I strongly suggest reaching out to James. He made SURE the deal went through and updated me every step of the way."
B
Brittney W.
Realtor · Verified Client
Read All 18 Reviews ⭐ Leave a Google Review

Still Have Questions? Call Me.

448-777-2126 — call or text anytime. Every question gets a real answer. Soft pull only. Free consultation. No runaround.

📞 Call James Now Apply Free →
James Hair
James Hair
Producing Branch Manager · CrossCountry Mortgage · NMLS #1680348
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James Hair · Producing Branch Manager · CrossCountry Mortgage, LLC · NMLS #1680348 · Company NMLS #3029 · Branch NMLS #2571734 · Equal Housing Lender · Calculator estimates are for illustration only and do not constitute a loan commitment or guarantee. Actual rates, payments, and terms depend on creditworthiness, program guidelines, and market conditions at time of application. Get an official Loan Estimate before choosing a loan. Licensed in AZ, CA, FL, LA, MS, MO, NC, TN, TX. 9999 Bellaire Blvd, Suite 750, Houston, TX 77036 · Contact · All Programs