Loan Programs

Frequently Asked Questions

  • Cambria Mortgage, LLC offers conventional, FHA, VA, USDA, and jumbo loans for primary home purchases, refinances, and real estate investment financing. As a broker, we shop multiple wholesale lenders to find the program and pricing that best fits each client. We are licensed in North Carolina, South Carolina, and Texas.

  • A conventional loan is not insured by the government and typically requires a credit score of 620 or higher and a down payment as low as 3 percent. An FHA loan is insured by the Federal Housing Administration, allows credit scores as low as 580 with 3.5 percent down, and can be more forgiving on debt-to-income ratios. FHA loans require mortgage insurance for the life of most loans; conventional mortgage insurance drops off once you reach 20 percent equity.

  • VA loans are available to eligible active-duty service members, veterans, National Guard and Reserve members, and many surviving spouses. They offer zero down payment, no monthly mortgage insurance, and competitive rates. You will need a Certificate of Eligibility from the VA, which we help our clients request as part of the application. As a veteran-owned brokerage, VA lending is a core part of what we do.

  • A USDA loan is a zero-down mortgage backed by the U.S. Department of Agriculture for homes in designated rural and many suburban areas. Eligibility is based on property location and household income limits, which vary by county. USDA loans can be a strong fit for buyers outside major metros in North Carolina, South Carolina, and parts of Texas. We will confirm property and income eligibility before you apply.

  • You need a jumbo loan when the amount you are borrowing exceeds the conforming loan limit set by the Federal Housing Finance Agency. For most counties in 2026 that limit is $832,750 for a single-family home, with higher limits in designated high-cost areas. Jumbo loans generally require stronger credit, larger reserves, and a larger down payment, but pricing has become very competitive and we shop multiple lenders on every file.

  • Minimums depend on the program. FHA loans can go down to 580 with 3.5 percent down (and 500 with 10 percent down at some lenders). VA and USDA loans typically look for 600 to 620. Conventional loans usually start at 620. Jumbo loans commonly require 700 or higher. If your score is borderline, we will run scenarios across multiple lenders before you apply.

  • Down payment requirements depend on the loan program. VA and USDA loans require zero down for eligible borrowers. FHA loans require 3.5 percent. Conventional loans can go as low as 3 percent for first-time buyers and 5 percent otherwise. Jumbo loans usually require 10 to 20 percent. Down payment assistance programs are also available in North Carolina, South Carolina, and Texas.tion

Process, Documents, and Timelines

  • Most purchase loans close in 21 to 30 days from a complete application, and refinances typically close in 20 to 35 days. Your timeline depends on how quickly documents are returned, how fast the appraisal is completed, and any conditions raised in underwriting. We set clear milestones at the start of every loan so you know what to expect at each stage.

  • Most borrowers need the last two years of W-2s or 1099s, the last two years of tax returns, 30 days of pay stubs, two months of bank and investment statements, a photo ID, and a Social Security number. Self-employed borrowers will also provide business tax returns and a year-to-date profit and loss statement. Our secure online application walks you through each item.

  • Pre-qualification is an informal estimate based on information you share verbally. Pre-approval is a conditional underwriting decision based on verified income, assets, and credit. Sellers and agents take pre-approvals far more seriously, and in competitive markets a pre-approval letter is usually required before an offer is considered. We issue pre-approvals (when appropriate), not just pre-qualifications, so your offer is taken seriously.

  • Underwriting is where the lender verifies your income, assets, credit, debts, and the property value against the loan program guidelines. The underwriter may request additional documentation, called conditions, before issuing a clear-to-close. We manage conditions proactively and keep you updated at every step to minimize surprises.

  • Closing costs typically run 2 to 5 percent of the loan amount and include lender fees, title insurance, appraisal, recording fees, prepaid interest, property taxes, and homeowners insurance. You will receive a Loan Estimate within three business days of applying that itemizes every cost, and a Closing Disclosure at least three business days before closing. We walk through both documents with every client.

  • Yes. A rate lock guarantees your interest rate for a set window, usually 30 to 60 days, while your loan is being processed. Locking protects you if rates rise, but you give up the benefit of rates falling. We typically recommend locking once you are under contract on a purchase, or early in a refinance if the rate meets your goals. We will talk through timing based on market conditions.

  • Do not open new credit cards or finance large purchases, do not change jobs without telling us, do not make large undocumented deposits, do not co-sign for anyone else, and do not let accounts go past due. Any of these can change your debt-to-income ratio, credit score, or source of funds and delay or derail your loan. When in doubt, call us before you make the move.

Broker vs. Bank

  • A bank lends you its own money and can only offer you the products on its own shelf. A mortgage broker is an independent professional who shops your loan across many wholesale lenders, then helps you choose the best combination of rate, fees, and program. Cambria Mortgage is an independent broker, so we work for you rather than for a single lender.

  • A broker gives you access to dozens of lenders with a single application, which usually means lower rates, lower fees, and more loan program choices. Brokers also tend to offer faster, more personal service because they are paid to close your loan, not to sell you other bank products. Our clients regularly save thousands compared to the quote they received from their bank.

  • No. In most cases brokers are less expensive than retail banks because brokers access wholesale pricing that is typically below what a bank offers at the retail counter. Broker compensation is fully disclosed on the Loan Estimate, and it is either paid by the lender through the rate or by you in closing costs — never both. We explain the tradeoff clearly so you can pick the structure that fits your goals.

  • No. Mortgage inquiries that happen within a 45-day shopping window are treated by the credit bureaus as a single inquiry for scoring purposes. A broker pulls your credit once and then shops that single pull to multiple wholesale lenders, so you get the benefit of competition without stacked inquiries on your report.

  • Often yes. Because brokers access wholesale pricing from many lenders, we can usually match or beat a bank's retail quote, and we can pivot to a different investor if one lender's pricing moves against you mid-process. The best way to know for sure is to run the numbers side by side — we will give you a written comparison anytime.

  • Cambria Mortgage, LLC is licensed in North Carolina, South Carolina, and Texas. Our NMLS ID is 841952, and individual loan officer licenses can be found on our About Me page. If you are purchasing or refinancing in one of those three states, we can help — start your application online or reach out for a quick conversation about your goals.