Question 1

What is a soft pull credit check and does it affect my credit score?

Accepted Answer

A soft pull (soft inquiry) is a credit check that doesn't impact your credit score. Unlike a hard inquiry, which occurs when you formally apply for credit, a soft pull allows you to see your credit standing and get pre-qualified without any negative effects. This is perfect for exploring your mortgage options before committing to a full application. At Keith Go Lending, we start every client relationship with a free Soft Pull Snapshot so you can understand your buying power without risk.

Question 2

How much do I need for a down payment on a house in Franklin, TN?

Accepted Answer

Down payment requirements vary by loan type: FHA loans require just 3.5% down, VA loans and USDA loans require 0% down for qualified buyers, Conventional loans typically require 5-20% down (3% for first-time buyers), and Jumbo loans usually require 10-20% down. For example, on Franklin's median home price of $996,000, an FHA loan would require approximately $34,860 down, while a VA or USDA loan could require $0 down for eligible buyers.

Question 3

What credit score do I need to buy a home?

Accepted Answer

Minimum credit score requirements depend on your loan type: FHA loans accept scores as low as 580 (500-579 with 10% down), VA loans typically require 620+ but some lenders accept lower, USDA loans require 640+, Conventional loans require 620+ (better rates at 740+), and Jumbo loans typically require 700+. Even if your score is below these thresholds, we can work with you to improve your credit and explore alternative options. Our Soft Pull Snapshot will show you exactly where you stand.

Question 4

How long does it take to close on a mortgage?

Accepted Answer

The average mortgage closing takes 30-45 days from application to closing. At Keith Go Lending, we've streamlined our process to consistently close loans in 30 days or less. The timeline includes: Pre-approval (1-3 days), Home search and offer acceptance (varies), Loan processing and underwriting (15-20 days), Home appraisal (7-10 days), Final approval and clear-to-close (3-5 days), and Closing day. Factors that can speed up the process include having all documents ready, responding quickly to requests, and working with an experienced lender like our team.

Question 5

What's the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is an informal estimate based on self-reported information without verification. It gives you a rough idea of what you might afford. Pre-approval is a formal commitment from a lender based on verified income, assets, and credit. It carries much more weight with sellers and shows you're a serious buyer. Our Soft Pull Snapshot is the first step toward pre-approval, giving you accurate information without impacting your credit score.

Question 6

Can I buy a house if I'm self-employed?

Accepted Answer

Absolutely! Self-employed buyers can qualify for mortgages, though the documentation requirements are more extensive. You'll typically need: 2 years of personal and business tax returns, Year-to-date profit and loss statement, Business license and proof of business existence, Bank statements (personal and business), and CPA letter (sometimes required). Lenders will average your income over 2 years after deductions. We specialize in helping self-employed buyers navigate this process and maximize their qualifying income.

Question 7

What is PMI and how can I avoid it?

Accepted Answer

Private Mortgage Insurance (PMI) protects the lender if you default on your loan. It's required on conventional loans when you put down less than 20%. PMI typically costs 0.5-1.5% of the loan amount annually. Ways to avoid PMI: Put 20% or more down, Use a VA loan (no PMI required), Choose a USDA loan (no PMI, but has a guarantee fee), Consider lender-paid PMI (slightly higher rate, no separate PMI payment), or Use an 80-10-10 loan (80% first mortgage, 10% second mortgage, 10% down). We can help you evaluate which option saves you the most money.

Question 8

Should I buy points to lower my interest rate?

Accepted Answer

Buying points (also called discount points) means paying upfront to reduce your interest rate. One point costs 1% of your loan amount and typically lowers your rate by 0.25%. Whether it makes sense depends on: How long you plan to stay in the home (break-even is usually 5-7 years), Your available cash for closing, Current interest rate environment, and Tax implications (points may be tax-deductible). For example, on a $400,000 loan, one point costs $4,000 and might save you $50/month. You'd break even after 80 months (6.7 years). We'll run the numbers with you to determine if buying points makes financial sense for your situation.

Question 9

What's included in my monthly mortgage payment?

Accepted Answer

Your monthly mortgage payment typically includes: Principal (the amount borrowed), Interest (the cost of borrowing), Property Taxes (collected in escrow and paid to the county), Homeowners Insurance (collected in escrow and paid to your insurer), PMI if applicable (private mortgage insurance with less than 20% down), and HOA fees if applicable (paid separately or included). This is often called 'PITI' (Principal, Interest, Taxes, Insurance). Use our mortgage calculator to see a complete breakdown of your estimated monthly payment for Franklin area homes.

Question 10

Can I use gift money for my down payment?

Accepted Answer

Most loan programs allow gift funds for down payment and closing costs: FHA loans allow gifts from family members, employers, or charitable organizations. VA loans allow gifts from anyone. Conventional loans allow gifts from family members (must be blood relative or fiancé). USDA loans allow gifts from approved sources. Required documentation includes: Gift letter stating the funds are a gift (not a loan), Proof of donor's ability to give (bank statements), and Paper trail showing transfer of funds. The donor cannot be the seller, real estate agent, or builder. We'll guide you through the proper documentation to ensure your gift funds are accepted.

Question 11

What documents do I need to apply for a mortgage?

Accepted Answer

Standard mortgage application documents include: Income verification (2 recent pay stubs, 2 years W-2s, 2 years tax returns if self-employed), Asset verification (2 months bank statements for all accounts, Investment/retirement account statements), Employment verification (Employer contact information, Employment history for 2 years), Credit authorization (Signed authorization for credit pull), Identification (Government-issued photo ID, Social Security card), and Property information (Purchase contract, property address). Additional documents may be needed for: Self-employment, Rental income, Divorce/child support, Gift funds, or Non-traditional credit. We'll provide a complete checklist after your Soft Pull Snapshot.

Question 12

What's the current mortgage rate in Franklin, TN?

Accepted Answer

Mortgage rates fluctuate daily based on market conditions, and your personal rate depends on multiple factors: Credit score (higher scores get better rates), Down payment amount (more down = better rate), Loan type (Conventional, FHA, VA, etc.), Loan term (15-year vs 30-year), Property type (primary residence, investment, etc.), Debt-to-income ratio, and Current market conditions. Rather than quoting outdated rates, we provide personalized rate quotes based on your specific situation. Contact us at (615) 581-1800 or get your free Soft Pull Snapshot to see the rates you qualify for today.

Question 13

Can I buy a house with student loan debt?

Accepted Answer

Having student loans doesn't disqualify you from buying a home, but they do affect your debt-to-income (DTI) ratio. Lenders calculate your student loan payment as: For loans in repayment: actual monthly payment shown on credit report. For deferred loans: 0.5-1% of the outstanding balance per month. For income-driven repayment plans: actual payment amount (even if $0). To improve your chances: Pay down other debts to lower your DTI, Increase your income, Consider a co-borrower, Look into down payment assistance programs, or Explore loan programs with higher DTI limits (FHA allows up to 50% DTI). We've helped hundreds of buyers with student loans achieve homeownership. Your student loans don't have to hold you back.

Question 14

What's the difference between a 15-year and 30-year mortgage?

Accepted Answer

15-year mortgage: Higher monthly payment, Lower interest rate (typically 0.5-0.75% lower), Build equity faster, Pay significantly less interest over the life of the loan, and Loan paid off in half the time. 30-year mortgage: Lower monthly payment, Higher interest rate, More affordable for most buyers, Greater flexibility in monthly budget, and Can invest the payment difference elsewhere. Example on a $400,000 loan at current rates: 15-year at 6.5%: $3,482/month, $226,758 total interest. 30-year at 7.0%: $2,661/month, $557,976 total interest. The 30-year saves $821/month but costs $331,218 more in interest. We'll help you evaluate which term fits your financial goals and budget.

Question 15

Do I need a real estate agent to buy a house?

Accepted Answer

While not legally required, working with a buyer's agent is highly recommended because: The seller typically pays the buyer's agent commission (no cost to you), Agents have access to MLS listings and market data, They negotiate on your behalf, They handle complex paperwork and deadlines, They recommend inspectors, attorneys, and other professionals, and They protect your interests throughout the transaction. In Franklin's competitive market, having an experienced agent is especially valuable. We work with many excellent local agents and can provide referrals. However, we can also work directly with you if you choose to buy without an agent.

Feature	FHA 3.5% Down	FHA 0% Down	VA 0% Down	USDA 0% Down	Conventional 3% Down	Conventional 5% Down	Conventional 1% Down	Jumbo 10% Down	Jumbo Standard
Min. Down Payment	3.5%	0%	0%	0%	3%	5%	1%	10%	20%
Min. Credit Score	580	600	580	600	620	620	620	700	700
Max DTI Ratio	57%	57%	50%+	45%	50%	50%	50%	43%	43%
Mortgage Insurance	Required	Required	None	Guarantee fee	If < 20% down	If < 20% down	Required	Varies	None
Best For	First-time buyers (500-579 score with 10% down)	Down payment assistance available	Veterans and active military	Rural areas only	First-time buyers	Standard option, no income limits	Lender pays 2%, you pay 1%	Aggressive option for high-value homes	High-value properties

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Frequently Asked Questions

What is a soft pull credit check and does it affect my credit score?

How much do I need for a down payment on a house in Franklin, TN?

What credit score do I need to buy a home?

How long does it take to close on a mortgage?

What's the difference between pre-qualification and pre-approval?

Can I buy a house if I'm self-employed?

What is PMI and how can I avoid it?

Should I buy points to lower my interest rate?

What's included in my monthly mortgage payment?

Can I use gift money for my down payment?

What documents do I need to apply for a mortgage?

What's the current mortgage rate in Franklin, TN?

Can I buy a house with student loan debt?

What's the difference between a 15-year and 30-year mortgage?

Do I need a real estate agent to buy a house?

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