Tools, checklists, and straight answers.
Everything you need to prepare for a mortgage — plus curated Colorado and Florida down-payment assistance links, document checklists, and honest Q&A for buyers, sellers, investors, and self-employed borrowers.
Tools
Document Checklists
Have these ready before we submit — clean files close faster and get better pricing. Not every item applies to every borrower; we'll tailor the list on our intro call.
- •Last 2 years W-2s and 2 most recent pay stubs (covering 30 days).
- •Last 2 months' bank / asset statements (all pages, even blank ones).
- •Photo ID and Social Security card or ITIN letter.
- •Landlord contact or 12 months of canceled rent checks (if renting).
- •2 years personal + business tax returns (all schedules / K-1s).
- •YTD Profit & Loss and Balance Sheet (CPA-prepared preferred).
- •12–24 months business or personal bank statements (for bank-statement loans).
- •Business license, operating agreement, or CPA letter verifying ownership %.
- •Lease agreements or an appraiser 1007 rent schedule.
- •Insurance quote (dwelling + liability, replacement cost).
- •LLC docs: articles, operating agreement, EIN letter, certificate of good standing.
- •Schedule of Real Estate Owned (REO) with balances and payments.
- •Employment contract or offer letter (start date within 60–90 days OK).
- •Diploma, license, or DEA registration proving degree status.
- •Student loan statements (IBR / deferred payments are usually allowed).
- •Last 2 pay stubs if already employed.
Down-Payment Assistance (Colorado & Florida)
Curated, verified links to the programs we use most. Eligibility, income caps, and funding availability change frequently — always confirm current terms with the agency or with us before writing an offer.
Colorado's primary DPA program — up to 3% or 4% grants and second-lien assistance for FHA/VA/USDA/Conventional.
Up to 5% forgivable down-payment assistance across most Denver-metro counties (income limits apply).
Second-lien and forgivable DPA for FL buyers, plus expanded eligibility for essential workers.
Free HUD-approved homebuyer education — required for most DPA and first-time buyer programs.
Confirm whether a property qualifies for 0% down USDA financing.
Confirm entitlement, request your Certificate of Eligibility, and review VA loan benefits.
Links open on third-party government or agency sites. Zero Point Mortgage Services does not administer these programs and is not responsible for their content or availability.
Buyer Q&A
How much home can I actually afford?+
A comfortable rule of thumb is a total housing payment (PITIA) at or below ~28–33% of gross monthly income, and total debts at or below ~43–45%. Investor / DSCR / physician programs can allow more. Run your numbers in the calculator, then let's stress-test it together.
How much do I need for a down payment?+
Conventional: as little as 3%. FHA: 3.5%. VA and USDA: 0% down. Jumbo: typically 10–20%. Colorado (CHFA/metroDPA) and Florida (Hometown Heroes / FL Assist) DPA programs can cover most or all of the down payment for qualified buyers.
What credit score do I need?+
580 for FHA (or 500 with 10% down), 620 for Conventional, no VA minimum (lenders often want 580+), 620–640 for USDA, 680+ for most Jumbo. We work with over 40 lenders — if one says no, another often says yes.
How long does closing take?+
Purchases: 21–30 days is typical, sometimes 14 with a clean file. Refinances: 25–35 days. HELOCs / 2nd liens: often 2–3 weeks.
What is a rate lock?+
A written agreement that fixes your interest rate for a set period (usually 30–60 days) while your loan is processed. If rates drop meaningfully, ask about float-down options.
Seller Q&A
Should I list before buying, or buy first?+
Depends on your equity, cash reserves, and market. Bridge loans, HELOCs, and recasting after sale are three tools we use to bridge the gap so you're not homeless — and not carrying two payments longer than necessary.
Will a buyer's financing fall through?+
Fully underwritten pre-approvals (TBD-property) dramatically reduce fallout risk. Ask your listing agent to require them from offers we haven't pre-approved.
Self-Employed Q&A
Why do lenders average 2 years of income?+
Fannie/Freddie guidelines require a 2-year self-employment history and average net income after write-offs. Bank-statement and P&L programs work around this by using deposits or a CPA-prepared statement instead.
Do write-offs hurt me?+
For traditional loans, yes — every dollar written off reduces qualifying income. Bank-statement (12 or 24 months) and 1099-only programs let you qualify on gross deposits or 1099 totals with a fixed expense factor.
Investor Q&A
Do I need to show tax returns for a rental?+
Often no. DSCR loans qualify on the property's rent-to-payment ratio, not personal income. Great for self-employed investors who write everything off.
Can I close in an LLC?+
Yes — most DSCR, portfolio, bridge, and fix-and-flip products allow LLC vesting. Standard Fannie/Freddie loans generally do not.
How is DSCR calculated?+
Monthly market rent ÷ full PITIA (principal + interest + taxes + insurance + HOA). 1.0 = break-even. Many programs go down to 0.75 with pricing adjustments.
State Disclosures
Everald L. Johnson is licensed in Colorado as a Mortgage Loan Originator (NMLS #2443040). Regulatory oversight is provided by the Colorado Division of Real Estate, and consumers may verify licensing or file a complaint through the Colorado Division of Real Estate or NMLS Consumer Access. Colorado borrowers are entitled to a written lock-in agreement and a Loan Estimate within three business days of a completed application.
Everald L. Johnson is licensed in Florida as a Mortgage Loan Originator (NMLS #2443040), regulated by the Florida Office of Financial Regulation. Florida borrowers may verify licensing or file a complaint at the Florida Office of Financial Regulation or NMLS Consumer Access. Florida law requires timely delivery of a Loan Estimate and Closing Disclosure, and prohibits certain fees prior to issuance of a written commitment.
This site is for informational purposes and does not constitute an offer to lend or a commitment to make a loan. All loans are subject to underwriting approval, program guidelines, and appraisal. Rates, terms, and program availability are subject to change without notice. Equal Housing Opportunity.
Let's talk about your next move.
Whether you're buying your first home, refinancing, or building a portfolio — start with a no-pressure conversation.