Frequently Asked Questions

  • What is the minimum credit score needed to qualify for a mortgage?

    Most lenders require a credit score of at least 620 for conventional loans, but FHA loans may allow scores as low as 580. Higher scores often mean better rates - but I do have solutions for people to improve credit scores.

  • How much down payment do I need to buy a home?

    Down payments vary by loan type. Conventional loans typically require 5% down although as a first time homebuyer 3% down is fine.  FHA loans allow a standard down payment of 3.5% - but I do have FHA programs that require ZERO down!


  • Can I get a mortgage if I’m self-employed?

    Of course. You’ll need to provide 2 years of tax returns, and a YTD profit/loss statement.


  • What’s the difference between pre-qualification and pre-approval?

    Pre-qualification is an estimate based on self-reported info. Pre-approval involves a credit check and income verification, making it more reliable when house hunting.  Whether its a conventional loan, FHA loan or a specialty product - when buying a home in Florida a pre-approval letter from a trusted mortgage lender is crucial to get an offer accepted.


  • What are closing costs and how much should I expect to pay?

    In Florida - whether Miami Dade County, Broward County, Orange County, Duval or any other County, closing costs typically range from 2% to 5% of the home’s purchase price and include fees for appraisal, title, lender and more.  These costs will be nearly identical regardless of your bank or lender.


  • Can I use gift funds for my down payment?

    Yes, at Barry Hochberg Mortgage, we have many loan programs that allow gift funds from relatives. We will help you with a gift letter and the simplest way to document the transfer.


  • What is mortgage insurance and when is it required?

    Mortgage insurance is required by all banks if your down payment is less than 20%.  At Barry Hochberg Mortgage, we have six different M-I companies to use for comparing pricing and getting you the best rate.


  • How long does the mortgage approval process take?

    On average in Florida, it takes 25 to 35 days, but it can be faster with organized documentation and responsive communication.


  • Can I buy a home with no money down?

    Yes, VA and USDA loans offer zero-down options for eligible borrowers. As of Summer 2025, I also have access to zero down FHA loan programs!


  • What documents do I need to apply for a mortgage?

    Common documents include pay stubs, W-2s, tax returns (for self-employed borrowers), bank statements, and ID.  


  • What is the debt-to-income (DTI) ratio and why does it matter?

    DTI compares your monthly debt payments to your income. Most banks I work in Florida require a DTI below 50%, though some programs allow higher.


  • Can I qualify for a mortgage with student loan debt?

    Yes. Lenders consider your monthly student loan payments in your DTI. Income-driven repayment plans may help reduce your qualifying ratio - and there's an accounting for student loans in deferment.


  • What is a rate lock and should I get one?

    A rate lock secures your interest rate for a set period (usually 30–45 days) to protect you from market fluctuations during the loan process.


  • How do interest rates affect my monthly mortgage payment?

    Lower rates mean lower payments - and more efficient payments. Even a 0.5% change in rate can significantly impact your monthly cost and total interest paid.


  • Can I refinance my mortgage later to get a better rate?

    Absolutely. Refinancing lets you replace your current loan with a new one—often to lower your rate, change terms, or tap into equity.