An appraisal estimates market value. The lender orders it via an AMC to keep it independent. Typical turn-time: ~3–7 business days. If value is low, we can seek a reconsideration (with better comps) or adjust terms.

• FHA: 3.5% down (min), flexible credit, mortgage insurance required.
• VA: 0% down for eligible Veterans/Active Duty, no monthly MI; funding fee may apply.
• Conventional: 3–5% down for first-time buyers; best pricing with higher credit & lower DTI.

DSCR (Debt Service Coverage Ratio) qualifies based on property cash flow (rent vs. total payment), not your W-2. Long-term rentals and, in some programs, STRs may be eligible. Expect 30-yr fixed or IO options; prepayment penalties may apply.

A HELOC is a revolving line secured by your home. Draw as needed during the draw period and pay interest only on what you use. Helpful if you want to keep a great first-mortgage rate intact.

• Keep utilization low (aim < 10–30%).
• On-time payments matter most.
• Avoid new inquiries before closing.
• Dispute true errors with documentation.