Mortgage questions, answered
These answers are general education, not a decision on your situation. Guidelines differ by program, lender and property, so the last word always comes from a licensed Boss Mortgage loan originator.
Categories
- General Mortgage
- Conventional
- FHA
- VA
- USDA
- Jumbo
- DSCR / Investment
- Construction
- Refinancing / HELOC
- Reverse Mortgage
- Credit / Qualification
- Down Payments
- Self-Employed / Alternative Income
- First-Time Homebuyers
- Locations / Licensing
General Mortgage
Starting points for anyone thinking about a home loan.
What types of loans do you offer?
We offer a wide range of loan options, including Conventional, FHA, VA, USDA, Jumbo, and New Construction loans. Our team will help you choose the one that fits your needs and financial goals.
View Loan ProgramsHow do I get pre-approved for a mortgage?
Getting pre-approved is simple. Provide basic financial information, such as income, credit score, and debt details, and we’ll guide you through the process to determine your loan eligibility and budget.
How long does the mortgage process take?
The mortgage process typically takes around 30–60 days on average, but it can vary depending on the situation. It is recommended to get pre-approved for a mortgage to help keep the process as quick as possible.
What does a lender look at when reviewing a mortgage application?
Underwriting generally looks at income and how it is documented, assets available for down payment and closing costs, credit history, existing monthly obligations and the property itself.
Requirements differ by program and can change without notice, so the most useful next step is a conversation with a licensed Boss Mortgage loan originator who can review your specific situation.
What is the difference between a pre-qualification and a pre-approval?
A pre-qualification is an early conversation based on information you share about income, debts and credit. A pre-approval goes further: documentation is collected and reviewed so the letter you take to a seller reflects a more complete picture.
Ask your loan originator which one fits where you are in your search.
How do I know which loan program is right for me?
Program fit depends on the property type, how you plan to use the home, how your income is documented, your credit profile and how long you expect to keep the loan.
Boss Mortgage works with a wide range of programs, so a loan originator can walk you through the options that realistically apply to you rather than starting from a single product.
Conventional
Questions about conventional financing.
What is a conventional loan?
A conventional loan is mortgage financing that is not insured or guaranteed by a government program such as FHA, VA or USDA. It follows the guidelines of the investors who purchase these loans.
Terms, rates and programs are subject to change, and not all customers will qualify.
Does a conventional loan require mortgage insurance?
Mortgage insurance on a conventional loan depends on the amount you put down relative to the value of the home and on current investor guidelines.
Your loan originator can show you how it would apply to the scenario you are considering.
Can a conventional loan be used for a second home or rental property?
Conventional financing is often used for primary residences, and there are also guidelines that address second homes and investment properties. Requirements differ by occupancy type.
If you are buying a rental, ask about investor and DSCR options as well so you can compare structures.
FHA
Questions about FHA financing.
Who is an FHA loan designed for?
FHA financing is insured by the Federal Housing Administration and is often considered by first-time buyers or borrowers who want more flexible credit review than conventional guidelines allow.
Boss Mortgage is not affiliated with, and its products have not been approved or endorsed by, any government agency.
Are there property requirements with an FHA loan?
FHA financing includes appraisal and property condition standards. A licensed loan originator can explain what is typically reviewed and how it may affect the home you are considering.
Should I compare FHA and conventional financing?
Yes. The two programs review credit, insurance and down payment differently, and the better fit depends on your file.
Boss Mortgage can price both so you can compare the monthly payment and the total cost side by side.
VA
Questions from veterans, service members and surviving spouses.
Who may be eligible for a VA loan?
VA financing is available to eligible veterans, active-duty service members and certain surviving spouses. Eligibility is established by the Department of Veterans Affairs through a Certificate of Eligibility.
Boss Mortgage is not affiliated with any government agency. Our team can help you understand the documentation involved.
Can the VA benefit be used more than once?
Many eligible borrowers use VA financing more than once over a lifetime, depending on entitlement and current VA guidelines.
A loan originator can review your Certificate of Eligibility and explain what is available to you.
Is the Homes for Heroes program the same as a VA loan?
No. A VA loan is a mortgage program. Homes for Heroes is a separate program Boss Mortgage participates in that can provide savings for qualifying heroes.
The two can sometimes apply to the same transaction. Details, eligibility and disclosures for Homes for Heroes are published on the existing Boss Mortgage pages.
USDA
Questions about financing in eligible rural areas.
How do I know if a property is in a USDA eligible area?
USDA financing is limited to designated eligible areas, and those designations are set and updated by the USDA rather than by a lender.
Send an address to a Boss Mortgage loan originator and they can check whether the property is in an eligible area.
Are there household income limits with USDA financing?
USDA programs include household income parameters that vary by area and household size and are published by the USDA.
Because those figures change, ask a loan originator to confirm the current limits for the area you are considering.
Jumbo
Questions about loans above standard limits.
What makes a loan a jumbo loan?
A jumbo loan is financing above the standard conforming loan limits that apply in a given county. Because it sits outside those limits, guidelines are set by the individual investor.
Boss Mortgage offers jumbo options for higher-value purchases and refinances.
Is documentation different on a jumbo loan?
Jumbo files often involve a closer review of income, assets and reserves, and appraisal requirements can differ.
Starting the conversation early helps because documentation expectations vary between investors.
DSCR / Investment
Questions from real estate investors.
What is a DSCR loan?
DSCR stands for Debt Service Coverage Ratio. It compares the income a property produces to the debt payment on that property, and it is used in investment and commercial real estate financing.
Boss Mortgage works with investors on both purchases and refinances structured this way.
Is personal income reviewed on a DSCR loan?
DSCR structures focus on the property's ability to cover its debt service, which is why investors often consider them. The specific documentation an investor requires can still vary.
A loan originator who works with these programs can outline what a particular scenario would require.
Can I finance more than one rental property?
Many investors hold multiple properties. Boss Mortgage works with complex tax returns and with 1–4 unit properties, and can explain how equity in one property may be leveraged toward another.
Construction
Questions about building a home.
How does financing work when you build a home?
Construction financing is typically released in stages as the build progresses, and there is a defined transition once the home is complete.
Because timelines and draw schedules depend on the builder and the program, plan the conversation early with a Boss Mortgage loan originator.
Does my builder matter to the lender?
Yes. Construction programs review the builder, the plans, the budget and the timeline in addition to the borrower.
Bring your builder details to your first conversation so nothing is a surprise later.
Refinancing / HELOC
Questions about refinancing and home equity.
Why do homeowners refinance?
Common reasons include changing the monthly payment, changing the loan term, consolidating debt, funding home improvements or removing or adding a borrower.
Whether refinancing makes sense depends on your current loan, your goals and current market conditions.
What is the difference between a refinance and a HELOC?
A refinance replaces your existing mortgage with a new one. A home equity line of credit is a separate revolving line secured by your home that you can draw against.
Boss Mortgage can compare both so you can see how each would affect your payments.
Reverse Mortgage
Questions about Home Equity Conversion Mortgages.
What is a HECM or reverse mortgage?
A Home Equity Conversion Mortgage lets homeowners aged 62 and older access equity in their home, for example to supplement retirement income, cover healthcare expenses or finance home renovations.
HECM loans have their own counseling and disclosure requirements. A loan originator experienced with them can walk you and your family through the process.
Does the homeowner still own the home with a HECM?
With a HECM the borrower remains the homeowner and continues to have obligations such as property charges and maintaining the home as their residence.
Because the details matter, HECM borrowers complete required counseling before moving forward.
Credit / Qualification
Questions about credit history and the review process.
Can I buy a home with less-than-perfect credit?
Yes. We offer loan programs that are designed to help buyers with lower credit scores. Our experts will review your situation and find the best path forward.
Can I get a mortgage after a bankruptcy?
Boss Mortgage offers specialized lending programs for individuals who have gone through bankruptcy. Waiting periods and documentation depend on the type of filing and the program.
A loan originator can review where you are today and outline realistic next steps.
What should I avoid while my loan is in process?
Large new debts, changing jobs without telling your loan originator, moving money between accounts without documentation and closing accounts can all complicate underwriting.
When in doubt, ask before you act — it is much easier than fixing it later.
Down Payments
Questions about funds needed to purchase.
How much do I need for a down payment?
As little as zero with programs like VA, USDA and DPA! The amount you need depends on the loan type. FHA loans may require as little as 3.5%, while Conventional loans often range from 3% to 20%. We’ll work with you to find a solution that fits your budget.
Where can down payment funds come from?
Depending on the program, funds may come from savings, the sale of another asset, retirement accounts, gifts or down payment assistance. Each source has its own documentation requirements.
Tell your loan originator early where the funds will come from so the paperwork can be prepared correctly.
Are closing costs the same as the down payment?
No. The down payment is applied to the purchase price, while closing costs cover items such as title, recording, prepaid amounts and lender fees.
Your Loan Estimate and Closing Disclosure show these amounts for your specific transaction.
Self-Employed / Alternative Income
Questions about documenting non-traditional income.
How is self-employed income documented?
Self-employed files often involve tax returns and business documentation, and calculating usable qualifying income takes experience. Boss Mortgage also offers bank statement options for borrowers whose returns do not reflect the full picture.
Bring your documents to a loan originator rather than guessing at the numbers yourself.
What if I recently became self-employed?
The existing Boss Mortgage Self-Employment Income program description states: “We have options for those of you newly self-employed too! You don’t have to be in business for 2 years anymore, believe it or not!”
Talk with a licensed loan originator about which options currently apply to your situation.
Can assets be used instead of income?
Some programs consider a borrower's assets as part of qualifying rather than relying only on monthly income documentation. Availability and structure vary by investor.
Ask a loan originator whether an asset-based approach fits your file.
First-Time Homebuyers
Questions from buyers purchasing their first home.
Where should a first-time buyer start?
Start with a conversation and a pre-approval. Knowing the budget you are working with before you shop keeps the search focused and makes your offer stronger.
Boss Mortgage walks first-time buyers through each step, in plain language.
What documents should I gather?
Typically income documentation, asset statements and identification. If you are self-employed or have other income sources, business documentation may also be requested.
Your loan originator will send you a specific list for your file.
Locations / Licensing
Where Boss Mortgage works and how we are licensed.
Where is Boss Mortgage licensed?
Boss Mortgage, LLC. NMLS#2547821 publishes its state licensing details on the Licensing page, which is the authoritative source. Boss Mortgage does not lend in all states, and in certain states Boss Mortgage is licensed as a mortgage broker.
See the Licensing page for the current list and license numbers.
Do I need to visit an office to work with Boss Mortgage?
No. Boss Mortgage has offices in Bend and Redmond, Oregon; Denver, Colorado; and Meridian, Idaho, and serves clients throughout the states where it is licensed. Depending on the situation, you can meet by phone, by video, at an office or in person.
You can also start an application online from anywhere in a state where Boss Mortgage is licensed.
How can I verify Boss Mortgage's license?
Company and license information can be verified through NMLS Consumer Access using NMLS ID 2547821.
Still have a question?
Every situation is different. We’ll help you understand your options and what may fit your goals.
This page is general information about mortgage financing and is not a commitment to lend, an offer of credit, or financial or legal advice. Program availability, guidelines and requirements are set by lenders and investors, can change, and depend on your individual circumstances and the property. Talk with a licensed Boss Mortgage loan originator about what applies to you.
Boss Mortgage LLC NMLS #2547821. See the Licensing page for state licensing information. Additional disclosures appear in the footer of every page.