Mortgage FAQ.

It depends on your loan type and the property. VA loans can be 0% down for eligible veterans. USDA is 0% in rural areas. FHA is 3.5% down. Conventional can be 3% for first-time buyers with strong credit. And California has 200+ Down Payment Assistance programs that can cover most or all of your down payment, many even add closing-cost help. Use the DPA Finder to see exactly what you qualify for.

Different programs have different requirements. FHA loans accept lower scores than conventional. VA loans are flexible. Non-QM bank statement loans look at income differently. Each scenario is unique, book a call and I'll tell you exactly what programs your profile qualifies for without doing a hard credit pull.

Absolutely. I specialize in Non-QM loans including bank statement loans (12 or 24 months of personal or business statements), 1099 income programs, and asset depletion loans. You don't have to show two years of W-2s to buy a home. Many of my self-employed clients close with deposits as their qualifying income.

Typical purchase loan: 12-21 days from contract to close. Refinances: similar timeline. The 5 Day HELOC can close in as little as 5 business days. Speed depends on appraisal scheduling, title work, and how quickly you provide documents.

If you have an active VA loan and want to buy another home using VA financing, you can use your remaining 'Tier 2' entitlement. Whether you owe a down payment depends on your specific county's 2026 Fannie Mae loan limit, your original loan balance, and your new purchase price. Try the VA 2nd Use Calculator for a personalized answer.

Yes, most DPA programs work with FHA, VA, USDA, and Conventional loans. CalHFA's MyHome Assistance Program, GSFA Platinum, and Chenoa Fund all layer with primary mortgages to reduce your out-of-pocket costs. The DPA Finder lets you stack-search to maximize your assistance.

FHA loans accept lower credit scores, require 3.5% down, and use mortgage insurance for the life of the loan. Conventional loans require higher credit, 3-5% minimum down, but mortgage insurance can be removed once you reach 20% equity. Conventional is usually cheaper long-term IF you qualify. Read my full breakdown: see the blog.

No. Pre-approval consultations, strategy calls, scenario analysis, DPA program research, and education are all free. You only pay when you actually close a loan, and even then, my compensation is built into industry-standard pricing, not added on top.

I'm licensed to serve clients across California, New Jersey, and nationwide through PRMG's national lending platform. PRMG is licensed in 49 states, excluding New York. Not licensed in New York. Reach out if you're buying in any state and I'll tell you immediately whether I can help.

Don't assume you don't qualify. I've closed loans for clients fresh out of bankruptcy, foreclosure, or short sale. There are non-QM programs specifically designed for credit rebuilds. Sometimes a 6-12 month plan to improve credit gets you a much better rate, and I'll tell you the truth either way.

Yes, both traditional conventional investor loans and DSCR (Debt Service Coverage Ratio) loans. DSCR loans don't require personal income documentation, they qualify based on the rental income of the property itself. Perfect for investors building portfolios. Try the DSCR Calculator on the Calculators page.

PRMG's 5 Day HELOC lets you tap your home equity in as little as 5 business days. It's a second-position line of credit that doesn't touch your existing first mortgage rate. Perfect for renovation funding, debt consolidation, investment property down payments, or college tuition. Apply here.

Yes, PRMG offers a Buy Before You Sell program that lets move-up buyers purchase their next home without having to sell first. This eliminates the contingency offer disadvantage in competitive markets. Full details here.

Speed, access, and accountability. I have direct relationships with PRMG underwriters which means complex scenarios get solved in hours not weeks. I offer 50+ loan programs vs. the 4-5 a retail bank rep can pitch. And when something goes sideways at 9pm two days before closing, you can text me directly and get an answer. Big banks don't do that.

Ken Clark Jr. is a Certified Mortgage Advisor and Branch Manager with PRMG Mortgage. He helps homebuyers, homeowners, real estate agents, and investors in Sacramento, California, New Jersey, and nationwide, excluding New York. With 28+ years in mortgage lending, Ken focuses on mortgage strategy, not just quoting rates. NMLS #225375. PRMG NMLS #75243.

Yes. Ken Clark Jr. is a Sacramento mortgage advisor with PRMG Mortgage, serving buyers and homeowners throughout Sacramento, Elk Grove, Roseville, Folsom, Davis, Woodland, Carmichael, Fair Oaks, Rocklin, Granite Bay, Natomas, Land Park, East Sacramento, Midtown, and surrounding Northern California communities.

Yes. Ken Clark Jr. helps New Jersey homebuyers, homeowners, and real estate investors review mortgage options through PRMG Mortgage. Programs may include FHA loans, VA loans, conventional loans, jumbo loans, refinance options, first-time buyer programs, NJHMFA, Non-QM, bank statement loans, DSCR loans, and investment property financing, depending on eligibility.

Ken Clark Jr. helps clients compare FHA loans, VA loans, conventional loans, jumbo loans, down payment assistance, refinance loans, HELOC options, bank statement loans, DSCR loans, Non-QM loans, FHA 203k renovation loans, HomeStyle renovation loans, construction loans, investment property loans, and Buy Before You Sell options. Final approval depends on credit, income, assets, property, underwriting, and program guidelines.

Ken Clark Jr. focuses on strategy, education, and personal guidance. Instead of simply quoting a rate, Ken helps clients compare loan structure, monthly payment, cash to close, seller credits, down payment assistance, refinance options, and long-term goals. The goal is to help each client make a confident mortgage decision, not a rushed one.

Yes. Ken Clark Jr. helps buyers review down payment assistance options in California, New Jersey, and other eligible states. Assistance may come from state, county, city, agency, nonprofit, employer, or lender-approved programs. Eligibility depends on income, credit, property location, occupancy, purchase price, funding availability, and program guidelines.

Down payment assistance is financial help that may reduce the amount a buyer needs upfront to purchase a home. It may come as a grant, forgivable loan, deferred-payment loan, repayable second mortgage, employer benefit, nonprofit program, state program, county program, or city program. Each program has its own rules.

Not always. Some down payment assistance programs are grants, while others may be forgivable loans, deferred-payment loans, repayable second mortgages, or assistance tied to specific terms. Buyers should understand whether the assistance must be repaid, when repayment is triggered, and how the program affects the full mortgage strategy.

Yes, some approved down payment assistance programs may be used with FHA loans. FHA plus DPA can be helpful for buyers who need more flexibility with credit or upfront funds, but the borrower, property, lender, and assistance program must all meet current guidelines.

In some cases, yes. Seller credits and down payment assistance may be combined depending on the loan program, assistance guidelines, property type, and allowable contribution limits. This should be reviewed before the purchase offer is written so the contract is structured correctly.

You may be able to use down payment assistance when buying a home in Sacramento, depending on income limits, credit profile, purchase price, property location, occupancy, and current program availability. Sacramento buyers may have access to state, local, agency, nonprofit, or lender-approved assistance options.

Sacramento first-time buyers often compare FHA loans, conventional 3% down options, VA loans, CalHFA, GSFA, seller credits, gift funds, and other down payment assistance options. The right program depends on credit, income, savings, debt, property type, and long-term goals.

Yes. FHA loans are commonly used by Sacramento buyers because they may allow flexible credit guidelines, lower down payment options, seller credits, and gift funds, subject to FHA and lender requirements. FHA can be especially useful for first-time buyers and buyers rebuilding credit.

Eligible VA buyers may be able to buy a home in Sacramento with no required down payment, subject to VA entitlement, property approval, lender guidelines, and underwriting approval. Buyers should still plan for closing costs, inspections, possible reserves, and any negotiated expenses.

HOA dues are counted in the monthly housing payment, so they can reduce buying power. A Sacramento buyer comparing a single-family home with no HOA to a condo or townhome with HOA dues may qualify for different price points even if the purchase prices look similar.

Yes. Ken Clark Jr. is a New Jersey mortgage lender through PRMG Mortgage and helps buyers, homeowners, and investors compare FHA, VA, conventional, jumbo, refinance, NJHMFA, Non-QM, bank statement, DSCR, and investment property financing options, depending on eligibility.

New Jersey buyers may have access to first-time buyer and down payment assistance options through NJHMFA and other state, local, agency, or nonprofit programs. Program eligibility and funding can change, so buyers should review options before making an offer.

Yes. FHA loans may be available for eligible New Jersey buyers who need flexible credit guidelines, lower down payment options, gift funds, or seller credits. FHA approval depends on borrower qualifications, property approval, and underwriting guidelines.

Yes. Self-employed buyers in New Jersey may qualify using tax returns or alternative documentation options, depending on the loan program. Bank statement loans, Non-QM loans, asset-based options, and DSCR loans for investment properties may be available depending on eligibility.

A Non-QM loan is a mortgage option that does not fit traditional qualified mortgage guidelines. Non-QM loans may help borrowers with complex income, self-employment, investment properties, assets, or credit situations. They still require underwriting and are not the same as no-document loans.

A bank statement loan may allow eligible self-employed borrowers to qualify using business or personal bank statements instead of traditional tax return income. These loans are often used when tax returns do not fully reflect the borrower's actual cash flow.

A DSCR loan is commonly used for investment properties and focuses on whether the rental income supports the property's mortgage payment. DSCR stands for debt service coverage ratio. Approval depends on property cash flow, credit, down payment, reserves, and investor guidelines.

Yes. Ken Clark Jr. helps real estate investors compare financing options for rental properties, DSCR loans, conventional investment property loans, cash-out refinances, bank statement options, jumbo investment financing, and portfolio-style strategies. Eligibility depends on borrower qualifications, property type, rental income, reserves, and program guidelines.

Refinancing may make sense when it improves your overall financial position, not just when the rate is lower. Homeowners may refinance to lower payment, remove mortgage insurance, access equity, consolidate debt, change loan terms, or restructure cash flow.

A refinance replaces your current mortgage, while a HELOC is usually a separate line of credit secured by your home. A refinance may make sense if the full mortgage structure improves. A HELOC may make sense if you want access to equity without replacing your existing first mortgage.

Possibly. Ken Clark Jr. helps homeowners review Buy Before You Sell options, bridge-style strategies, home equity options, contingent offer strategies, and other mortgage structures. The right approach depends on equity, income, debt, timing, property goals, and program guidelines.

A 5-Day HELOC is a home equity line of credit option that may help eligible homeowners access equity faster than some traditional home equity processes. Timing, approval, terms, and availability depend on credit, income, equity, property type, documentation, and lender guidelines.

The right answer depends on your payment comfort, savings, job stability, rent, local home prices, loan options, and long-term goals. Waiting may help some buyers save more, but it can also mean higher prices, higher rents, or missed equity growth. The best move is to compare real numbers instead of guessing.

Rate matters, but the full monthly payment matters more. Buyers should compare principal and interest, taxes, insurance, mortgage insurance, HOA dues, second mortgages, assistance program terms, and closing costs. A lower rate does not always mean the best overall strategy.

Seller credits may help buyers pay closing costs, reduce cash to close, or structure a temporary or permanent rate buydown, depending on loan guidelines. Seller credits should be negotiated correctly in the contract and reviewed with the lender before the offer is submitted.

A 2-1 buydown temporarily lowers the buyer's payment for the first two years, while a permanent buydown uses discount points to lower the interest rate for the life of the loan, subject to loan terms. The better choice depends on budget, seller credits, timeline, refinance expectations, and long-term plans.