get started
on Your Home Loan

At closing, you sign final loan documents including the Note, Deed of Trust or Mortgage, Closing Disclosure, and government forms. You bring a cashier's check or wire for closing costs and any down payment. The closing typically takes 30-60 minutes at a title company or attorney's office. Funds release the same day for purchases (sometimes next day for refinances due to a 3-day right of rescission).

From application to closing, the mortgage process typically takes 30 to 45 days. The exact timeline depends on how quickly you provide documents and whether any issues come up with the appraisal or title. Staying organized helps keep the process on track.

Pre-qualification is an informal estimate of how much you might borrow based on stated income and credit. Pre-approval is a verified commitment based on reviewed pay stubs, tax returns, bank statements, and a credit pull. Sellers and agents take pre-approvals seriously. City First issues pre-approvals after a complete application and credit review.

Minimum credit scores vary by loan program. FHA accepts scores as low as 500 (with 10% down) or 580 (with 3.5% down). VA loans have no FHA-mandated minimum, though most lenders require 580-620. Conventional loans typically require 620 or higher. USDA generally requires 640. City First evaluates the full borrower profile, not just the score.

Yes, you can buy a home even if your credit is not perfect. There are programs that help borrowers with lower credit scores—FHA and VA loans may have more flexible requirements, and improving your credit before applying can open up more options.

Down payment requirements vary by loan type. VA and USDA loans offer 0% down for eligible borrowers. FHA requires 3.5% with a 580+ credit score. Conventional loans start at 3% down through HomeReady or Home Possible. Jumbo loans typically require 10% or more. Gift funds from family are allowed on most programs.

To apply, most borrowers need recent pay stubs, W-2s or tax returns, bank statements, and a form of identification. Having these documents ready helps keep the process smooth and can help avoid delays. If you are self-employed, you may need to provide extra proof of income.

Most City First Mortgage loans close in 21 to 30 days from a complete application. Purchase loans average 25-30 days to align with contract timelines. Refinances typically close in 21-25 days. Streamline programs like VA IRRRL or FHA Streamline can close faster with reduced documentation.

You’re typically approved for a mortgage after you submit your application and provide your income, credit, and asset information. Many lenders can give you an answer within a few days, though it may take longer if extra documents or an appraisal are needed.

Applying for a mortgage requires a hard credit inquiry, which may cause a small and temporary dip in your credit score. The impact is usually minor, and if you apply with multiple lenders in a short time frame, it is often treated as one inquiry.

Pre-qualification is a quick estimate of what you might afford, often based on basic information you provide. Pre-approval is more detailed because the lender reviews your financial documents and credit report. As a result, pre-approval gives you stronger buying power when making an offer.

An appraisal is a licensed third-party valuation of the home, ordered through an Appraisal Management Company. It confirms the property is worth the contract price and meets program standards. Most loans require an appraisal, though VA IRRRLs, FHA Streamlines, and some Conventional refinances allow appraisal waivers when property values support the loan-to-value.

Yes, most loan programs allow gift funds. FHA, VA, and USDA permit 100% of the down payment from a gift. Conventional loans allow gifts on primary residences. Donors must be family or other approved relationships, and a gift letter is required documenting that no repayment is expected.

Yes. Self-employed borrowers typically provide two years of personal and business tax returns, year-to-date profit-and-loss statements, and business bank statements. Bank-statement loan programs allow qualification using 12-24 months of business deposits without tax returns. We also offer P&L-only and asset-depletion programs for high-net-worth self-employed borrowers.

Your rate is based on credit score, loan-to-value ratio, loan program, property type, occupancy, debt-to-income ratio, and current market conditions. City First quotes rates daily based on mortgage-backed securities markets. Locking your rate freezes it for 30, 45, or 60 days while your loan closes.

Standard documentation includes the most recent two pay stubs, two years of W-2s or 1099s, two years of tax returns (if self-employed or commission), two months of bank statements, a government-issued photo ID, and your Social Security number. Self-employed borrowers may need profit-and-loss statements and business tax returns.