It depends on the loan type. Conventional loans typically require a 620+ FICO, FHA loans go as low as 580 with 3.5% down, and some of our Non-QM programs work with scores starting at 620 for DSCR or bank statement loans. Your credit score affects your interest rate, but it’s rarely a dealbreaker. We’ll look at your full financial picture and find the best program for where you are today.

A solid rule of thumb: your total monthly housing payment (principal, interest, taxes, and insurance — PITI) should stay below 43% of your gross monthly income. That’s the standard DTI limit for most loan programs. At MLG Home Financial, we run the numbers for you in a free consultation — no guesswork, no pressure — so you know exactly what budget you’re working with before you start shopping.

Pre-qualification is a quick estimate based on what you tell us — useful for budgeting but not binding. Pre-approval is a verified review of your income, assets, credit, and employment — and it’s what sellers and realtors take seriously in a competitive market like Miami-Dade. We can issue a pre-approval letter in as little as 24 hours. In a hot market, having that letter ready is the difference between winning and losing the home.

Closing costs typically run 2–5% of the loan amount and cover lender fees, title insurance, appraisal, government recording fees, and prepaid items like homeowners insurance and property taxes. We’ll provide a detailed Loan Estimate within 3 business days of your application so there are no surprises at the closing table. In some cases, we can negotiate seller concessions to offset these costs.

A fixed-rate mortgage locks your interest rate for the life of the loan — predictable payments, no surprises. Best for buyers planning to stay long-term. An adjustable-rate mortgage (ARM) starts with a lower rate for an initial period (typically 5 or 7 years) then adjusts annually. ARMs can make sense if you plan to sell or refinance before the adjustment period — but require careful planning. We’ll help you model both scenarios based on your timeline.

Absolutely — and this is one of our specialties. Traditional lenders often struggle with self-employed borrowers because tax returns show taxable income after deductions, not actual cash flow. MLG Home Financial offers Non-QM programs that qualify self-employed borrowers using 12 or 24 months of bank statements, a CPA-prepared P&L statement, or 1099 income — no tax returns required. Your write-offs shouldn’t stop you from buying a home.

With MLG Home Financial, most loans close in 21–30 days. Our 24-hour approval process gets you moving fast. For Non-QM or more complex scenarios, allow 30–45 days. The biggest factors within your control: respond quickly to document requests and avoid major financial changes during the process (new credit cards, car loans, or large deposits can trigger additional review). We keep you updated at every step.

Florida has excellent options for first-time buyers. FHA loans allow 3.5% down with a 580 FICO. The Florida Housing Finance Corporation offers down payment assistance programs that can cover your down payment and closing costs. USDA loans are available for eligible rural and suburban areas with zero down. VA loans for eligible veterans have no down payment requirement and no PMI. We’ll review every program available in your county and help you combine programs to minimize out-of-pocket costs.