Mortgage claims that sound simple — but usually need context.
These checks separate common internet shorthand from the actual rule. Agency and government guidance comes first; lender and investor overlays can still be more restrictive.
Start with the myths buyers hear most.
“My lender won't do it” and “the program doesn't allow it” are not always the same statement.
No. Multiple mortgage programs allow eligible buyers to purchase with less than 20% down. The tradeoffs can include mortgage insurance, funding/guarantee fees, eligibility requirements and different pricing.
Not as a universal agency rule. Current automated-underwriting frameworks do not create one blanket 620 minimum for every conventional loan. Score still matters for AUS findings, pricing, mortgage insurance and lender/investor overlays.
No. FHA does not generally require you to be a first-time buyer. FHA has its own occupancy, eligibility and underwriting rules.
No. Property review, documentation, underwriting conditions and changes to credit, income, assets, employment or the transaction can still affect approval.
No. The lender's appraisal supports valuation and applicable property requirements. A buyer's home inspection is a different review intended to help the buyer understand condition and potential issues.
No. Agency or government program rules create a framework, but lenders and investors can impose overlays or choose not to offer an otherwise permitted scenario.
Not necessarily. The issue may be a lender overlay, investor appetite, property restriction, documentation issue or a true program rule. The reason for the “no” matters.
No. Assistance can be a grant, forgivable second, deferred-payment second, repayable second or another structure. Income, geography, occupancy, education, loan program and repayment rules vary.
No. Rental-income treatment depends on the program, property, documentation and borrower history. A 75% gross-rent calculation appears in some agency scenarios, but it is not a universal mortgage rule.
No. Non-QM describes loans outside the Qualified Mortgage framework; it does not automatically mean subprime, and alternative documentation is not the same as no documentation.
How MortgageDadOf3 checks a claim
First identify the exact program and scenario. Then check the controlling agency or government source. After that, separate the underlying rule from lender/investor overlays and from transaction-specific facts. Mortgage rules change, so dated claims should be reverified before someone relies on them.