Question 1

How much house can I afford in Florida?

Accepted Answer

A common rule is to keep your monthly mortgage payment below 28% of your gross monthly income. In Miami, with prices averaging $500K–$800K in many neighborhoods, a household income of $80K–$130K+ is typically needed. Use our mortgage calculator for a personalized estimate based on your income, debts, and down payment.

Question 2

What credit score do I need for a mortgage?

Accepted Answer

FHA loans allow scores as low as 580 (with 3.5% down) or 500 (with 10% down). Conventional loans typically require 620+, and the best rates are reserved for 740+. Non-QM programs like bank statement loans may accept scores as low as 620–640. Whatever your score, we can likely find a path to approval.

Question 3

How much down payment do I need?

Accepted Answer

FHA requires 3.5%, conventional loans start at 3–5%, VA loans require 0% for veterans, and investment properties typically need 20–25%. Putting 20% down on a conventional loan eliminates private mortgage insurance (PMI). Down payment assistance programs are available for eligible first-time buyers.

Question 4

How long does the mortgage process take?

Accepted Answer

A typical mortgage takes 30–45 days from application to closing. With complete documentation and a smooth appraisal, some loans close in as little as 21 days. Non-QM and investment property loans may take a few extra business days for specialty underwriting.

Question 5

What's the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is a quick estimate based on information you provide — no documents or credit check required. Pre-approval involves a credit pull, income and asset verification, and results in a conditional commitment letter. Sellers in Miami strongly prefer buyers with a full pre-approval letter.

Question 6

What are closing costs and how much should I expect?

Accepted Answer

Closing costs are fees paid at loan settlement, typically 2–5% of the loan amount. They include lender fees, title insurance, appraisal, pre-paid property taxes and insurance, and recording fees. On a $400,000 loan, expect $8,000–$20,000 in closing costs. Seller concessions or lender credits can offset some of these costs.

Question 7

Can I buy a home if I have student loan debt?

Accepted Answer

Yes. Student loan debt is included in your debt-to-income (DTI) ratio but does not automatically disqualify you. Lenders use your actual monthly payment or 0.5–1% of the balance. If your DTI remains manageable, you can still qualify for a mortgage.

Question 8

What documents do I need to apply for a mortgage?

Accepted Answer

For a conventional loan you typically need 2 years of W-2s or tax returns, 30 days of pay stubs, 2 months of bank statements, a government-issued ID, and information on debts and assets. Self-employed borrowers may substitute bank statements. We provide a personalized checklist when you start your application.

Question 9

Can I get a mortgage if I'm self-employed?

Accepted Answer

Absolutely. Self-employed borrowers can use 2 years of tax returns for conventional loans, or 12–24 months of bank statements for Non-QM bank statement loans. These programs are designed for business owners whose write-offs reduce taxable income below their actual cash flow. We specialize in self-employed mortgages.

Question 10

What is a bank statement loan?

Accepted Answer

A bank statement loan lets you qualify using 12 or 24 months of personal or business bank deposits instead of tax returns or W-2s. Lenders calculate an average monthly income from your deposits. This is ideal for business owners, freelancers, and contractors who have strong cash flow but low taxable income.

Question 11

Do I need tax returns to get a mortgage?

Accepted Answer

No — not with the right program. While conventional and FHA loans require 2 years of tax returns, Non-QM options like bank statement loans, DSCR loans, and asset-based loans do not use tax returns at all. These programs were created specifically for people whose tax situation does not reflect their true financial strength.

Question 12

What if my tax returns show low income?

Accepted Answer

This is extremely common among business owners and high-write-off professionals. If your taxable income is low due to deductions, a bank statement loan or asset depletion loan can qualify you based on actual cash flow or liquid assets. Many of our best clients have modest 1040 income but strong banking history.

Question 13

Can I use 1099 income to qualify?

Accepted Answer

Yes. 1099 income from freelancing, consulting, or contract work can qualify you for a mortgage. Conventional loans typically average 2 years of 1099 income from Schedule C or Schedule E. Bank statement loans qualify you on deposits regardless of how you are paid.

Question 14

What is an asset depletion loan?

Accepted Answer

An asset depletion loan lets you qualify using liquid assets — savings, investments, or retirement accounts — as imputed monthly income. The lender divides your total assets by the loan term to calculate a monthly income figure. This is perfect for retirees or high-net-worth individuals with substantial savings but little reportable income.

Question 15

What is a DSCR loan?

Accepted Answer

A DSCR (Debt Service Coverage Ratio) loan qualifies you based on the property's rental income, not your personal income. DSCR = Monthly Rent ÷ Monthly PITIA. A ratio of 1.0+ means the rent covers the mortgage — no tax returns or pay stubs required. It is the most popular financing tool for Miami real estate investors.

Question 16

How much down payment for an investment property?

Accepted Answer

Investment properties typically require 20–25% down for conventional and DSCR loans. Some DSCR programs go as low as 15% with strong compensating factors. The higher requirement reflects the greater default risk on investment properties compared to primary residences.

Question 17

Can I finance an Airbnb property?

Accepted Answer

Yes. Short-term rental properties can be financed using DSCR loans, where lenders use projected or documented short-term rental income. Data from platforms like AirDNA is accepted by most DSCR lenders to estimate market rent. Miami is one of the strongest short-term rental markets in the U.S.

Question 18

Can I buy property through an LLC?

Accepted Answer

Yes. We offer LLC mortgage programs that allow investors to take title and finance property through a limited liability company. This provides liability protection and cleaner business accounting. These specialty Non-QM loans typically require 20–25% down and are ideal for portfolio investors.

Question 19

How many investment properties can I finance?

Accepted Answer

With Non-QM programs like DSCR loans, there is no hard limit on the number of properties you can finance — we have helped investors finance their 20th+ property. Conventional (Fannie/Freddie) loans cap investment financing at 10 properties per borrower. DSCR loans evaluate each property individually.

Question 20

Can I buy property in Florida as a foreign citizen?

Accepted Answer

Yes. Non-U.S. citizens — including those on visas or living abroad — can purchase property in Florida. Our foreign national loan programs do not require a Social Security number or U.S. credit history. Miami is a top market for international buyers from Latin America, Europe, and beyond.

Question 21

Do I need a US credit score to get a mortgage as a foreign national?

Accepted Answer

No. Foreign national loan programs do not require a U.S. credit score. Lenders evaluate the application using a credit report from your home country, international bank references, and the strength of the transaction. A larger down payment — typically 30–40% — also compensates for the absence of U.S. credit history.

Question 22

What documentation do foreign buyers need?

Accepted Answer

Typical documentation includes a valid passport, proof of income or assets (bank statements or letter from employer/accountant), a foreign credit report if available, proof of down payment funds, and a U.S. bank account for the transaction. Requirements vary by country of origin, and we will walk you through exactly what is needed.

Question 23

Can I get a mortgage with an ITIN?

Accepted Answer

Yes. Borrowers with an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number can qualify for a mortgage for primary residences and investment properties. Two years of ITIN tax returns are typically required along with bank statements and proof of income.

Question 24

When should I refinance my mortgage?

Accepted Answer

Refinancing generally makes sense if you can lower your rate by 0.5–1% or more and plan to stay long enough to recoup closing costs. It can also make sense to eliminate PMI, access cash from equity, or consolidate debt. A break-even analysis (closing costs ÷ monthly savings) shows exactly when you come out ahead.

Question 25

What's the difference between cash-out refinance and HELOC?

Accepted Answer

A cash-out refinance replaces your first mortgage with a larger loan, giving you the difference in cash at closing — best for large one-time needs. A HELOC is a revolving line of credit you draw from as needed — better for ongoing expenses like renovations or business capital. Each has different rates, terms, and tax implications.

Question 26

Can I refinance if I'm self-employed?

Accepted Answer

Yes. Self-employed borrowers can refinance using bank statement loans, tax returns, or other Non-QM programs. We evaluate your current situation and find the best program to lower your rate or access equity. Many clients have refinanced from conventional loans to bank statement programs when their income documentation changed.

Question 27

What is a rate-and-term refinance?

Accepted Answer

A rate-and-term refinance replaces your existing mortgage with a new loan at a lower interest rate, different term, or both — without cashing out equity. The goal is to reduce your monthly payment or pay off the loan faster. Closing costs can be paid upfront or rolled into the new loan balance.

Question 28

What is a mortgage broker and how is it different from a bank?

Accepted Answer

A mortgage broker shops multiple wholesale lenders on your behalf to find the best rate and program for your situation. A bank can only offer its own products. Because brokers access wholesale pricing, clients often get lower rates than going to retail banks directly. We work with 50+ lenders and can solve complex scenarios banks routinely decline.

Question 29

Do you charge fees?

Accepted Answer

All broker compensation is fully disclosed on your Loan Estimate. In many cases, we are compensated by the wholesale lender at no additional cost to you. For specialty Non-QM loans, origination fees may apply depending on the program. We always show you all costs upfront — no hidden fees at closing.

Question 30

Do you offer service in Spanish?

Accepted Answer

Yes! We are fully bilingual in English and Spanish. Our team includes native Spanish speakers who guide you through the entire mortgage process in your preferred language — from application to closing. Call us at (305) 669-2696 or visit our Spanish-language site at approvedready.com/es.

Question 31

What areas do you serve?

Accepted Answer

We are licensed in Florida and serve buyers and homeowners throughout South Florida — Miami-Dade, Broward, Palm Beach, and Monroe (Keys). We work with clients in Brickell, Coral Gables, Doral, Hialeah, Aventura, Miami Beach, Kendall, Homestead, Pembroke Pines, Weston, Sunny Isles, Coconut Grove, and more.

Question 32

How do I get started with Lifetime Capital Funding?

Accepted Answer

Getting started is easy: call us at (305) 669-2696, fill out our quick pre-qualification form at approvedready.com/apply, or visit our contact page. We will match you with the right program, explain all your options, and issue a pre-approval letter — usually within 24 hours.

Mortgage FAQ

🏠General Mortgage Questions

How much house can I afford in Florida?

What credit score do I need for a mortgage?

How much down payment do I need?

How long does the mortgage process take?

What's the difference between pre-qualification and pre-approval?

What are closing costs and how much should I expect?

Can I buy a home if I have student loan debt?

What documents do I need to apply for a mortgage?

💼Self-Employed & Non-Traditional Income

Can I get a mortgage if I'm self-employed?

What is a bank statement loan?

Do I need tax returns to get a mortgage?

What if my tax returns show low income?

Can I use 1099 income to qualify?

What is an asset depletion loan?

🏢Investment Property

What is a DSCR loan?

How much down payment do I need for an investment property?

Can I finance an Airbnb or short-term rental property?

Can I buy investment property through an LLC?

How many investment properties can I finance?

🌎Foreign Nationals

Can I buy property in Florida as a foreign citizen?

Do I need a US credit score as a foreign national buyer?

What documentation do foreign national buyers need?

Can I get a mortgage with an ITIN number?

🔄Refinancing

When should I refinance my mortgage?

What's the difference between a cash-out refinance and a HELOC?

Can I refinance if I'm self-employed?

What is a rate-and-term refinance?

🤝Working With Us

What is a mortgage broker and how is it different from a bank?

Do you charge fees?

Do you offer service in Spanish?

What areas do you serve?

How do I get started?

Still Have Questions?

AI Mortgage Assistant