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It can be, if the person helps you compare real options and explains the trade-offs. A mortgage broker shops your loan to outside lenders. I'm a Branch Manager and Mortgage Advisor with loanDepot, so your loan is made directly through loanDepot. Either way, compare official Loan Estimates line by line, including lender fees and points, not just the rate. Compare mortgage brokers, banks, and credit unions.

There's no single number. Lenders compare your total monthly debts, including the new payment with property taxes, insurance, and any HOA dues or mortgage insurance, to your gross monthly income. Your rate, down payment, credit, and existing debts all change the answer. Estimate your payment with the mortgage calculator, then we can review what fits your budget.

Often less than you might expect. The minimum depends on the loan program, your credit, and the home you choose. Some conventional loans and FHA loans are built for buyers with a smaller down payment, eligible Veterans may not need one at all, and down payment assistance may help cover the gap. Plan for closing costs separately, and use your Loan Estimate to see the full terms for your situation.

Not as a grant. CalHFA's Dream For All program is a shared appreciation loan toward your down payment, offered to eligible first-time buyers in funding rounds. When you sell, refinance, or pay off the home, you repay the amount you received plus a share of the home's appreciation. CalHFA sets the loan limit, eligibility rules, and repayment share for each round, so check the current round's details before you plan around it. See CalHFA assistance options.

For most programs, you count as a first-time buyer if you haven't owned and lived in a home as your primary residence in the past three years, and that look-back can include a home owned by your spouse. Each program then adds its own rules, such as income limits, purchase price limits, or homebuyer education. Start with the first-time home buyer guide.

If you're buying a home to live in, a conventional, FHA, VA, or USDA loan usually costs less than private money. Private money is short-term investor financing, such as fix-and-flip or bridge loans, with higher rates and fees in exchange for speed and flexibility. It only makes sense with a clear repayment plan. Learn how private money loans work.

It's shorthand for federal disclosure timing. Your lender must send a Loan Estimate within 3 business days of your application, you generally can't close until 7 business days after you receive it, and you must receive your Closing Disclosure at least 3 business days before closing. Some changes, such as an APR increase beyond allowed limits, a different loan product, or an added prepayment penalty, restart that last 3-day wait.