Frequently Asked Questions

While 20% is the gold standard to avoid private mortgage insurance, it is far from a requirement. Many of our programs allow for as little as 3.5% (FHA) or even 0% (VA). In 2026, new Illinois state programs like Access Home offer up to $15,000 in assistance for eligible buyers to help cover these upfront costs.

Credit requirements vary by loan type. Generally, a score of 620 is the baseline for many conventional and VA products, while FHA loans can sometimes accommodate scores in the high 500s. Because every situation is unique, we recommend a consultation to see which program fits your current profile.

On average, the process takes 30 to 45 days. However, because Clear Central Mortgage is a boutique lender with over two decades of local experience, we prioritize a streamlined, high-touch process to avoid the "big bank" delays that often frustrate buyers.

Yes. If you are an active-duty service member, a veteran, or a member of the National Guard/Reserves, you likely qualify for a VA loan. This program is one of the most powerful benefits available, requiring no down payment and no monthly mortgage insurance (PMI).

Absolutely. Surviving spouses of veterans who died in the line of duty or from a service-connected disability are often eligible for the same $0-down benefits. We can help you secure the necessary Certificate of Eligibility (COE) to get started.

Yes. Many programs, especially FHA and conventional loans, allow family members to gift you the funds for a down payment. We will simply need a signed "gift letter" and documentation of the transfer to satisfy underwriting requirements.

Yes. Lenders view Social Security and pensions as very stable income sources. We can also use your retirement assets (like a 401(k) or IRA) to help you qualify by calculating a monthly "distribution" amount, even if you aren't currently withdrawing from those accounts.

This depends on your financial flexibility. Many retirees choose to use a "bridge loan" or a home equity line of credit (HELOC) to secure their new, smaller home before selling their current one. We can look at your home equity to determine the most stress-free path for your move.