Frequently Asked Questions
The questions veterans and self-employed borrowers ask most often, answered directly.
Quick Answer
A mortgage broker arranges financing through a network of wholesale lenders rather than lending its own funds, which allows a single application to be matched against multiple sets of guidelines and pricing. That structure matters most when a scenario is not straightforward — self-employed income, investment property cash flow, VA entitlement questions, or unusual collateral. Rates, guidelines, and program availability differ by lender and change frequently.
Frequently Asked Questions
A direct lender funds loans with its own money and offers only its own pricing. A broker like HomeFlow submits your file to many wholesale lenders and places it where the pricing and guidelines fit best. HomeFlow is a broker and is not a direct lender.
Not for borrowers with full entitlement. County loan limits no longer cap the loan amount for those borrowers; lender underwriting and the appraised value do.
First use with zero down is 2.15%, subsequent use with zero down is 3.3%, 5% down is 1.5%, and 10% down is 1.25%. Veterans with a service-connected disability rating are exempt.
No. VA loans carry no monthly mortgage insurance at any down payment amount.
No. Non-QM borrowers are typically creditworthy people whose income documentation does not fit conventional rules — self-employed owners, 1099 earners, and investors. Ability to repay is still verified, just with different documents.
Most purchases close in 21 to 30 days. Non-QM files can take slightly longer when documentation review is heavier, and VA appraisal turn times affect purchase timelines.