FAQ

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FAQ Home Loans

If you have questions, we have answers. We are standing by to take your call if your concerns are not addressed here. (361) 695-3203

What credit score is needed for loan approval? 

Each loan program has different minimum credit score requirements.  Visit with a mortgage loan originator first.

How can I improve my credit score? 

Ensure all monthly obligations are paid on time every month.  Keep credit card balance <25% of credit limit.  Do not open multiple credit cards or make large purchases if you are serious about purchasing a home in the near future. 

How long does it take to receive my pre-qualification letter?

A pre-qualification letter can be issued with 24 to 48 hours after completed application and requested documentation received. 

How long is the process from application to closing? 

A purchase transaction can close within 30 days of an executed purchase agreement.

I have student loans.  Do I need to pay off before I apply for a mortgage loan? 

No, visit with a mortgage loan originator first.  Your mortgage loan originator will determine if any obligations should be paid off.

What is the difference between the wholesale market and retail market in the mortgage lending industry? 

The wholesale market can offer a wide array of loan programs, lower overall cost to borrowers and more competitive interest rates. 

FHA Loans

  • 3.5% Minimum Down Payment
  • Monthly Mortgage Insurance
  • Up to 6% Seller Contributions
  • Gift Funds Allowed
  • 15, 20, & 30 year financing terms

VA Loans

  • 100% Financing
  • No Monthly Mortgage Insurance
  • Up To 4% Seller Contributions
  • Gift Funds Allowed
  • 15, 20, & 30 year financing available

Conventional Loans

  • 3% Down Payment
  • Monthly Mortgage Insurance
  • Seller Contributions Allowed
  • Gift Funds Allowed
  • 15, 20, & 30 year financing available

Contact

LeAnne Alexander
Serving Corpus Christi & Surrounding Areas
Phone: (361) 695-3203
Email: lalexander@nexamortgage.com

Nexa Mortgage, LLC

3100 W Ray RD STE 201 Office # 209
Chandler, AZ 85226, US

NMLS# 1660690

Department of Savings & Mortgage Lending NMLS Consumer Access Texas Compliance Disclosure Equal Housing Opportunity

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