Can I get a mortgage if I'm self-employed or have non-traditional income?
Yes! We offer mortgage solutions for self-employed individuals and those with non-traditional income. Requirements include providing additional documentation like tax returns, profit and loss statements, and bank statements. Our experienced mortgage team understands the unique challenges self-employed borrowers face and works to find solutions that fit.
Does 3Rivers service mortgages locally or sell them to other banks?
3Rivers services mortgages locally, right here in the communities we serve. When you have questions or need assistance, you'll work with our local team who knows you and your community. This means personalized service throughout your entire homeownership journey, not just at closing.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is an initial assessment based on basic financial information, giving you an estimate of how much you might borrow. Pre-approval involves a thorough review of your finances, credit check, and documentation verification, providing a conditional commitment. Pre-approval strengthens your offer when house hunting, showing sellers you're a serious buyer.
How long does the mortgage application and approval process typically take?
The timeline varies based on loan type and your specific situation. Pre-qualification can happen within 24-48 hours. Full approval typically takes 2-4 weeks once you submit a complete application. Our local team works efficiently to process applications quickly while ensuring accuracy. We'll keep you informed every step of the way.
What credit score do I need to qualify for a mortgage?
Credit score requirements vary by loan type. Conventional loans typically require a 600+ credit score, FHA loans accept scores as low as 580, and VA loans offer flexible credit requirements for service members. Even with past credit challenges, you may still qualify. Our local mortgage team will review your complete financial picture to find the right solution.
How much do I need for a down payment on a home loan?
Down payment requirements vary by loan type. Conventional loans start at 3%, FHA loans require 3.5%, VA and USDA loans offer 0% down for eligible borrowers, and manufactured home loans start at 3.5%. Your specific down payment depends on factors like credit score, loan amount, and property type. Our mortgage team can help determine the best option for you.
What types of home mortgage loans does 3Rivers offer?
We offer conventional loans with flexible down payment options starting at 3%, government-backed loans including VA (0% down for eligible veterans), FHA (3.5% down), and USDA (0% down for rural properties), plus construction loans, jumbo loans for high-value properties, manufactured home financing, and specialty programs.
