How much do I need for a down payment?
It depends on the loan program. Conventional loans typically require 5-20% down, FHA loans require as little as 3.5%, and VA loans for eligible veterans require 0% down. We'll connect you with O1ne Mortgage to figure out the best fit for your situation.
What credit score do I need to buy a home?
Most conventional loans require 620+ credit. FHA loans can work with scores as low as 580. The higher your credit, the better your interest rate — and over 30 years, even a small rate difference saves tens of thousands.
Should I get pre-approved before I start looking?
Yes — always. Pre-approval tells you exactly what you can afford, makes your offers competitive, and prevents you from falling in love with a home outside your budget. Sellers rarely accept offers without it.
How long does it take to buy a home?
Once you're under contract, typical close timelines are 30-45 days. Finding the right home can take anywhere from a few weeks to several months depending on your criteria and the market.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on stated income. Pre-approval involves actual document review and a credit pull — and is far more credible to sellers. Always go for pre-approval.
Who pays the buyer's agent commission?
Historically, the seller has paid both agents' commissions out of the sale proceeds. As of 2024, buyer-agent compensation is now negotiated separately. We'll explain exactly how this works before you make any offer.
What are closing costs?
Closing costs are fees beyond the home price — typically 2-5% of the loan amount. They include loan origination, title insurance, escrow fees, appraisal, and prepaid items like property tax and insurance.
Can I buy a home with student loan debt?
Yes. Lenders look at your debt-to-income ratio, not just whether you have debt. We'll connect you with O1ne Mortgage to see exactly what you qualify for given your full financial picture.
What is PMI and how do I avoid it?
Private Mortgage Insurance is typically required when you put down less than 20% on a conventional loan. You can avoid it by putting 20% down, choosing an FHA loan with lower insurance, or using a piggyback loan structure.
Should I buy a fixer-upper?
Sometimes — if you have the cash, the time, and realistic expectations. We'll walk any property with you and give an honest read on what the renovation realistically costs versus what it adds in resale value.
What's an earnest money deposit?
It's a good-faith deposit (typically 1-3% of purchase price) that shows the seller you're serious. It's held in escrow and applied to your down payment at closing.
What contingencies should I include in my offer?
The standard three are inspection, appraisal, and loan contingency. In competitive markets, buyers sometimes waive contingencies to win — but we'll never recommend that without walking through every risk first.
What happens if the appraisal comes in low?
Three options: renegotiate the price with the seller, make up the difference in cash, or walk away (if you have an appraisal contingency). We'll help you navigate which is right for the specific situation.
Can I buy a home if I'm self-employed?
Yes — but the documentation is more involved. Lenders typically want 2 years of tax returns plus profit/loss statements. O1ne Mortgage specializes in self-employed buyer scenarios.
What if I'm relocating from another state?
We've helped many out-of-state buyers. Video tours, virtual showings, remote inspections, and electronic signing make it entirely possible to buy without ever flying out — though we always recommend at least one in-person visit.
How competitive is the West Covina market right now?
It varies by price point and neighborhood. We'll give you a real read on competition in your target area — not the alarmist headlines, but what's actually happening in deals this month.
What's an HOA and should I worry about it?
Homeowners Associations enforce community rules and maintain shared amenities. Some are valuable, some are restrictive, some are financially troubled. We always pull HOA documents during inspection and explain exactly what you'd be signing up for.
Can I back out after going under contract?
Usually yes — if you have valid contingencies and within their timelines. Walking away after contingencies expire can mean losing your earnest money. We track every deadline so you're never caught off guard.
What's the best time of year to buy?
Spring has the most inventory; fall and winter have less competition. The 'best' time is when the right home for you comes on the market — which is why we never recommend waiting on calendar alone.
How do you get paid?
Through a commission paid at closing, structured separately as of 2024. We'll be fully transparent about how compensation works before any agreement is signed.
