Frequently Asked Home Loan Questions


Photo by Guy Kelly

Here are answers to some commonly asked home loan questions. If you have any questions that aren’t listed, contact us at 808-657-0188 or

Are there any loan programs that don’t require a down payment?

Yes, there are loan programs that do not require a down payment. The two programs we work with that do offer this is USDA and VA. If you and/or the property you are purchasing met certain credit, employment history, location and other determining factors, a zero-down payment loan may be an option for you. Contact us to see if this is an option for you.

What is the difference between a pre-qualification and a pre-approval?

Pre-qualification is a lender’s judgment of your ability to make payments on your mortgage, based on your verbal statement of income, assets, and employment history. Pre-approval is the underwriting decision that you are conditionally qualified and is subject to the lender’s review of your completed application, verification of your income, assets, employment history, credit check, appraisal and other determining factors.

What documents do I need to prepare for my loan application?

  • Copies of your pay-stubs for the most recent 30-day period and year to date.
  • Copies of your W-2 forms for the past two years
  • 2 months’ worth of bank statements
  • Any and all assets (401K, bank, retirement)
  • A list of all debt including what balance is and what the minimal payment is for each
  • If divorced need divorce decree

If I’ve filed bankruptcy in the past few years, will I still qualify for a mortgage loan?

Yes, you may still be able to qualify for a mortgage loan after a bankruptcy filing. There are a few different government programs that allow for new bankruptcy and foreclosure. Call us to discuss your options.

How long does it typically take to close a home loan?

Depending on how busy the lender is, it generally takes anywhere for 45-60 days; on some occasions it can be done sooner. Be patient and forward any requested documents quickly to speed up the process.