Home Loan Questions & Answers

Common questions

What types of home loans does Home Central Financial offer?

We help California families with purchase loans, refinances, FHA loans, VA loans, conventional loans, and ITIN loans. We'll match you to the program that best fits your budget and goals.

What does a mortgage broker do that a bank doesn't?

A bank can only offer you its own loans. As a broker, Miguel shops several lenders for you and brings back the options that actually fit your situation — then explains the trade-offs in plain language so you choose with open eyes.

How much do I need for a down payment?

Less than most people think. Many conventional loans start around 3% down, FHA is 3.5%, and qualified veterans can often buy with nothing down through a VA loan. Down payment assistance may cover part of it too. We'll run your real numbers before you commit to anything.

Can I get a home loan with an ITIN instead of a Social Security number?

Yes. We offer ITIN loan programs for borrowers who file taxes with an Individual Taxpayer Identification Number. You don't need a Social Security number to be considered — we'll walk you through exactly what's required.

What credit score do I need to buy a home?

There's no single magic number. FHA loans tend to be the most forgiving, and other programs have their own ranges. Even if your credit isn't perfect, it's worth a conversation — sometimes a few small moves make a real difference. Miguel will review where you stand at no cost.

How long does the whole process take?

Most loans close in about 30 to 45 days from a complete application, though it depends on the property, the program, and how quickly the paperwork comes together. We keep you posted at every step so nothing catches you by surprise.

Do you offer service in Spanish?

Yes. Our team is fully bilingual, and every part of our site and process is available in both English and Spanish.

Does it cost anything to talk to you or get pre-qualified?

No. The first conversation, your questions, and a pre-qualification are free with no obligation. You only move forward if and when it makes sense for you.

How much is the FHA down payment?

FHA asks for 3.5% down if your credit score is 580 or higher — about $17,500 on a $500,000 home. Gift funds from family or a down payment assistance program can cover part or all of it, so many buyers put in far less of their own cash than they expect. We'll show you the exact figure for the price range you're shopping.

How do I know if refinancing is worth it?

Use the break-even point: divide your total closing costs by the monthly savings from the new rate. If it costs $4,000 to refinance and you save $200 a month, you break even in 20 months — everything after that is money kept. If you might sell or move before you reach break-even, it usually isn't worth it. We run this math with you at no cost.

What is the VA funding fee?

It's a one-time charge that takes the place of monthly mortgage insurance on a VA loan. For most first-time users it runs about 2.15% of the loan amount and can be rolled into the loan instead of paid up front. Veterans receiving VA disability compensation are generally exempt from it entirely.

How much income do I need to buy a house?

There's no single number — it depends on the price, your down payment, your other monthly debts, and the rate. Lenders look at your debt-to-income ratio, and many programs work for buyers up to roughly 43–50% with strong credit or savings. Instead of guessing, we work backward from a monthly payment you're comfortable with to a realistic price range.

When can I stop paying mortgage insurance?

On a conventional loan you can usually request that PMI be removed near 20% equity, and by law it falls off automatically at 22%. FHA is different — on most FHA loans the mortgage insurance stays for the life of the loan, so refinancing into a conventional loan is often how homeowners drop it. We'll tell you which applies to your loan.

How do I get started?

Start by requesting a quote or calling (562) 881-9811. Miguel will review your situation, answer your questions, and explain your options — with no obligation.