# Mortgage FAQ for Tampa Bay and Florida Homebuyers | Your Home Loan Team By Josh Richardson (@joshrichardson) · Published 2026-09-19 · Updated 2026-09-20 Canonical: https://voce.com/@joshrichardson/mortgage-faq-home-loan-team-38dbkv --- ## **Mortgage Questions? Start Here.** Getting a mortgage can feel complicated, but understanding your options shouldn’t be. This is a summary of our Mortgage FAQ. For the full set of answers, including dedicated pages on VA loans, first-time buyers and more, visit our [Tampa Bay mortgage FAQ page](https://yourhomeloanteam.com/mortgage-faq-tampa-bay-florida-home-loans/). Your Home Loan Team helps homebuyers, homeowners, veterans, and real estate investors throughout Tampa Bay and Florida understand mortgage financing and navigate the home loan process. Whether you’re buying your first home, moving, refinancing, using VA home loan benefits, or financing an investment property, the answers below cover many of the questions we hear most often. ### **What does a mortgage broker do?** A mortgage broker helps borrowers explore home loan options from multiple mortgage lenders rather than being limited to the products offered by one bank. Your Home Loan Team works through an independent mortgage brokerage model, allowing us to evaluate available lenders and mortgage programs based on the borrower’s financial situation, property, and goals. This can include conventional, FHA, VA, USDA, jumbo, first-time homebuyer, investment property, renovation, and refinance options, depending on eligibility and the individual transaction. ### **What is the difference between a mortgage broker and a bank?** A bank generally offers mortgage products available through that particular financial institution. An independent mortgage broker can work with multiple lenders and compare available loan programs and guidelines. Different lenders can have different pricing, underwriting requirements, loan programs, and guidelines. Working with a mortgage broker gives borrowers the opportunity to evaluate multiple available financing options without approaching each lender individually. ### **Where does Your Home Loan Team offer mortgages?** Your Home Loan Team is based in the Tampa Bay area and helps homebuyers, homeowners, veterans, and real estate investors throughout Florida and other states where licensed. In Tampa Bay, our team works with borrowers in Tampa, St. Petersburg, Clearwater, and surrounding communities throughout Hillsborough County, Pinellas County, Pasco County, and neighboring areas. Contact Your Home Loan Team to confirm mortgage availability for your specific property location. ### **What types of mortgage loans does Your Home Loan Team offer?** Your Home Loan Team helps eligible borrowers explore a wide variety of mortgage options, including conventional loans, FHA loans, VA home loans, USDA loans, jumbo mortgages, first-time homebuyer programs, low down payment options, investment property financing, renovation financing, and mortgage refinancing. The mortgage programs available to you depend on factors such as income, credit, assets, debts, property type, occupancy, location, loan amount, and lender requirements. ### **What is mortgage pre-approval?** Mortgage pre-approval is an evaluation of your financial information to determine the home loan amount and mortgage options for which you may potentially qualify, subject to lender requirements and final underwriting approval. A pre-approval can include reviewing income, employment, credit, assets, debts, and available funds. Getting pre-approved before seriously shopping for a home can help you establish a realistic price range, estimate potential monthly payments and cash needed for closing, and better understand your financing options. ### **How do I get pre-approved for a mortgage in Florida?** The first step is speaking with a mortgage professional and providing information about your income, employment, assets, debts, credit, and homebuying goals. Depending on your financial situation, you may be asked to provide documents such as pay stubs, W-2s, tax returns when applicable, bank statements, asset statements, and identification. Self-employed borrowers, investors, retirees, and borrowers with additional income sources may require different documentation. ### **Do I need 20% down to buy a house?** No. A 20% down payment is not required for every home loan. Depending on eligibility, borrowers may have access to conventional, FHA, VA, USDA, or other mortgage programs that allow less than 20% down. The appropriate down payment isn’t necessarily the lowest down payment available. Monthly payment, mortgage insurance, available cash, reserves, closing costs, and your longer-term financial goals should also be considered. ### **How much money do I need to buy a home in Florida?** The amount needed to buy a home in Florida depends on the purchase price, mortgage program, down payment, closing costs, prepaid taxes and insurance, available lender credits or seller concessions, and other transaction-specific expenses. Your down payment is only one part of the total amount needed. A mortgage pre-approval can help estimate both your potential monthly housing payment and the approximate cash you may need to complete your home purchase. ### **What credit score do I need to buy a house?** There is no single credit score required for every mortgage. Credit requirements vary by mortgage program, lender, property type, occupancy, and the borrower’s overall financial profile. Mortgage underwriting can also consider income, employment, debts, assets, payment history, reserves, and other factors. If you’re unsure whether your credit is ready for a mortgage, reviewing your situation before you start shopping for homes can help identify potential options. ### **Can I qualify for a mortgage if I’m self-employed?** Yes. Self-employed borrowers can qualify for mortgages, although documenting and calculating income may be different than it is for a traditional W-2 employee. Depending on the mortgage program and individual circumstances, lenders may review personal and business tax returns, business income, profit-and-loss statements, balance sheets, bank statements, or other financial documentation. Because self-employed income can be more complex, reviewing your finances before making an offer can help identify potential underwriting issues early. ### **Does Your Home Loan Team help first-time homebuyers?** Yes. Your Home Loan Team helps first-time homebuyers throughout Tampa Bay and Florida understand their mortgage options and navigate the home financing process. First-time buyers often have questions about mortgage pre-approval, down payments, credit, closing costs, monthly payments, mortgage insurance, inspections, appraisals, underwriting, and closing. Our goal is to explain the mortgage process in understandable language so you know what is happening and what comes next. ### **What is a conventional mortgage?** A conventional mortgage is a home loan that is not insured or guaranteed by a federal government agency such as FHA, VA, or USDA. Conventional financing can potentially be used for primary residences, second homes, and investment properties, subject to program and lender requirements. Down payment, credit, income, mortgage insurance, and other requirements vary based on the borrower and loan program. ### **What is an FHA loan?** An FHA loan is a mortgage insured by the Federal Housing Administration. FHA financing may provide an option for eligible homebuyers who can benefit from its down payment or credit guidelines. FHA mortgages have specific mortgage insurance, property, underwriting, and eligibility requirements, so the appropriate financing depends on the individual borrower and property. ### **Does Your Home Loan Team offer VA home loans?** Yes. Your Home Loan Team works with eligible veterans, active-duty service members, and qualifying surviving spouses exploring VA home loan financing in Florida and other states where licensed. Eligible VA borrowers may be able to purchase a qualifying primary residence without a traditional down payment, subject to VA eligibility, lender underwriting, property requirements, and applicable guidelines. Because Your Home Loan Team works through an independent mortgage brokerage model, we can evaluate VA financing through multiple available lenders rather than being limited to one lender’s guidelines. For questions about VA eligibility, credit, debt-to-income ratios, residual income, entitlement, VA funding fees, refinancing, previous lender denials, and more complex VA scenarios, visit our **VA Loan FAQ**. ### **What is a USDA home loan?** USDA home loans help eligible borrowers finance qualifying primary residences in USDA-eligible areas. Qualified borrowers may have access to financing without a traditional down payment. Income limits, property location, occupancy requirements, underwriting, and other USDA program guidelines apply. ### **What is a jumbo mortgage?** A jumbo mortgage is generally a home loan above applicable conforming loan limits. Jumbo financing is commonly used for higher-priced properties and can have different requirements for credit, income, assets, reserves, documentation, and down payment. Because jumbo guidelines can differ among lenders, access to multiple mortgage lenders can be particularly useful when evaluating higher-balance financing. ### **Does Your Home Loan Team finance investment properties?** Yes. Your Home Loan Team works with real estate investors exploring mortgage financing for investment properties. Investment property financing can differ from financing a primary residence. Available mortgage options may depend on the property, borrower profile, income documentation, assets, number of financed properties, occupancy, and overall investment strategy. We can evaluate available financing based on the specific borrower, property, and transaction. ### **Can I refinance my mortgage?** Yes, depending on qualification and available loan programs. Refinancing means replacing an existing mortgage with a new home loan. Homeowners may consider refinancing to change their loan term or mortgage program, access available home equity, or restructure their financing. Whether refinancing makes financial sense depends on your current mortgage, proposed new loan, interest rate, closing costs, loan term, how long you expect to keep the property, and your financial objectives. ### **What happens after I apply for a mortgage?** After your mortgage application and initial documentation are submitted, the loan generally moves through processing and underwriting. During processing, financial and property documentation is organized and reviewed. The mortgage underwriter then evaluates the borrower, property, and loan against applicable lender and program requirements. Additional documentation or explanations may be requested. Once applicable conditions are satisfied and the loan receives final approval, closing documents can be prepared and the closing coordinated. ### **What does a mortgage processor do?** A mortgage processor helps organize and prepare a home loan for underwriting and closing. The role can include collecting documentation, verifying information, monitoring outstanding items, communicating requests, and coordinating with borrowers and other professionals involved in the transaction. At Your Home Loan Team, Anna Richardson plays an important role in helping borrowers navigate processing, underwriting requirements, and the path toward closing. ### **How long does it take to close on a mortgage?** Mortgage closing timelines vary based on the borrower, property, mortgage program, lender, appraisal, title work, insurance, documentation, underwriting requirements, and purchase contract. Providing complete documentation promptly and maintaining communication with your mortgage and real estate professionals can help reduce avoidable delays. ### **Why work with Your Home Loan Team?** Your Home Loan Team takes an education-first approach to mortgage lending. Josh Richardson, Branch Manager and Mortgage Loan Originator, focuses on understanding each borrower’s financial situation, property, timeline, and goals before evaluating available mortgage strategies and loan programs. Anna Richardson, Loan Partner and Closer, helps guide borrowers through processing, documentation, underwriting requirements, communication, and closing. Together, Josh and Anna Richardson provide Tampa Bay and Florida homebuyers with a team approach designed around mortgage options, education, communication, and personal guidance throughout the home financing process. ### **How do I get started with Your Home Loan Team?** Start with a conversation about what you’re trying to accomplish. Whether you’re buying your first home, moving to Florida, using VA home loan benefits, purchasing an investment property, refinancing, or simply wondering what mortgage options may be available, Your Home Loan Team can review your situation and help explain potential next steps. You don’t need to know which mortgage program you need before contacting us. That’s what we’re here to help you determine. ## **Have a Mortgage Question We Didn’t Answer?** Every borrower, property, and mortgage scenario is different. If you have a question about buying a home, mortgage pre-approval, conventional loans, FHA loans, VA loans, USDA financing, jumbo mortgages, refinancing, investment property financing, or the mortgage process, contact Your Home Loan Team. Tell us what you’re trying to accomplish, and we’ll help you understand the financing options and potential next steps based on your individual circumstances. **Your Home Loan Team** Josh Richardson, Branch Manager & Mortgage Loan Originator, NMLS #2448184 Anna Richardson, Loan Partner & Closer, NMLS #2045806 Tampa Bay, Florida Company NMLS #2072896 All loan approvals are conditional, not guaranteed, and subject to lender underwriting and applicable program requirements. Loan programs, rates, terms, eligibility requirements, and availability vary by borrower and property and are subject to change. All loans are subject to lender underwriting, eligibility requirements, and approval. Loan programs, rates, terms, and availability may vary by borrower and are subject to change.