Every day, millions of Americans type mortgage questions into Google. Whether you're a first-time buyer trying to figure out how much house you can afford or a homeowner wondering if you should refinance, finding clear and accurate answers can be surprisingly difficult.
As a senior loan officer at Cedar Home Loans in Colorado, I answer these same questions every day with real clients. Here are the 10 most-searched mortgage questions in 2026 — with honest, practical answers.
1. What Is the Easiest House Loan to Get Approved For?
FHA loans are generally the easiest home loans to get approved for. Backed by the Federal Housing Administration, FHA loans were specifically designed to help buyers who might not qualify for conventional financing. Here's why they're the most accessible:
- Credit score: Minimum 580 with 3.5% down, or as low as 500 with 10% down
- Debt-to-income ratio: Up to 50% in many cases (vs. 43% for conventional)
- Down payment: 100% of it can come from gift funds
- Income flexibility: More lenient on income documentation requirements
Other accessible options include VA loans (no down payment, no PMI for eligible veterans) and USDA loans (no down payment for eligible rural areas). The 2026 FHA loan limit in most Colorado counties is now $524,225, and high-cost areas like Eagle and San Miguel counties are even higher — see our 2026 FHA loan limits guide for details.
According to the Consumer Financial Protection Bureau (CFPB), FHA loans accounted for roughly 25% of all home purchase mortgages in 2025 — a testament to their accessibility.
2. What Is the 3-7-3 Rule in Mortgage?
The 3-7-3 rule refers to three mandatory federal disclosure timelines in the mortgage process, established by the TILA-RESPA Integrated Disclosure (TRID) rules:
- 3-day rule (Loan Estimate): Within 3 business days of receiving your application, the lender must provide a Loan Estimate detailing your estimated interest rate, monthly payments, and closing costs.
- 7-day waiting period: After the Loan Estimate is issued, there is a mandatory 7-business-day waiting period before your loan can close. This gives you time to review terms and shop other lenders.
- 3-day rule (Closing Disclosure): If there are significant changes to your loan terms, you must receive a revised Closing Disclosure at least 3 business days before closing.
These timelines exist to protect you. Use them. Compare your Loan Estimate against offers from other lenders. Review every line of the Closing Disclosure before signing. At Cedar Home Loans, we walk every borrower through both documents so there are no surprises at the closing table.
Source: CFPB Regulation Z — TRID Rules
3. What Credit Score Is Needed for a Mortgage?
The minimum credit score depends on the loan type:
| Loan Type | Minimum Score | Best Rates |
|---|---|---|
| FHA | 580 (500 with 10% down) | 720+ |
| Conventional | 620 | 740+ |
| VA | No official minimum (620+ typical) | 740+ |
| Jumbo | 700-720 | 760+ |
| USDA | 640 | 720+ |
Lenders pull scores from all three bureaus — Equifax, Experian, and TransUnion — and use the middle score. If your scores are 680, 710, and 695, your qualifying score is 695.
Even a 20-point improvement can meaningfully lower your rate. According to myFICO, the difference between a 680 and a 740 score on a $400,000 loan can save over $40,000 in interest over 30 years. We recommend checking your credit at least 3-6 months before applying so there's time to improve if needed.
4. Who Is the Best Bank to Get a Home Loan Through?
The best mortgage lender isn't necessarily a "bank" at all. Many homebuyers assume they should go to their personal bank, but the reality is that mortgage brokers and local mortgage companies often deliver better outcomes:
- Better rates: Local lenders and brokers can shop across multiple wholesale lenders to find the lowest rate for your situation
- Faster closing: Big banks average 45-55 days to close. Cedar Home Loans routinely closes in 21-30 days.
- Personalized service: You work directly with a loan officer who knows your name, not a call center
- Local expertise: A Colorado-based lender understands local appraisal challenges, HOA requirements, and market conditions
According to the ICE Mortgage Technology Origination Insight Reports, non-bank lenders now originate over 60% of all mortgages in the U.S. — and borrower satisfaction scores are consistently higher than with traditional banks.
Our advice: get at least 2-3 quotes, including from a local mortgage company. Get a free rate quote from Cedar Home Loans — no obligation, no pressure.
5. What Salary Do You Need for a $400,000 Mortgage?
You generally need a gross annual income of approximately $100,000 to $115,000 to comfortably qualify for a $400,000 mortgage, though the exact number depends on your interest rate, other debts, property taxes, and insurance.
Here's the math at a 6% interest rate:
- Monthly principal & interest: ~$2,398
- Estimated property taxes: ~$350/month
- Homeowner's insurance: ~$150/month
- PMI (if less than 20% down): ~$200/month
- Total housing payment: ~$3,100/month
Using the standard 28% housing ratio (your total housing cost shouldn't exceed 28% of gross income), you'd need about $11,070 in gross monthly income — or $132,800 annually for the full payment. Without PMI and with lower taxes, the figure drops to around $102,800.
But here's what matters more than the salary number: your debt-to-income ratio. If you have $800/month in car payments and student loans, you'll need significantly more income than someone with no other debts. Use our mortgage calculator for your specific scenario, or contact us for a free affordability analysis.
6. How to Pay Off a 30-Year Mortgage in 5 to 7 Years
Paying off a 30-year mortgage in 5-7 years requires aggressive, consistent extra payments. On a $400,000 loan at 6%, here's what the numbers look like:
- Standard 30-year payment: $2,398/month (total paid: $863,353)
- Pay off in 7 years: ~$5,800/month (saves ~$420,000 in interest)
- Pay off in 5 years: ~$7,700/month (saves ~$470,000 in interest)
Practical strategies to accelerate payoff:
- Make bi-weekly payments — adds one extra payment per year, cutting ~4-5 years off a 30-year loan
- Apply all windfalls — tax refunds, bonuses, and side income go straight to principal
- Round up aggressively — if you owe $2,398, pay $4,000 or more
- Refinance to a shorter term — 15-year and 10-year loans carry lower rates and force faster payoff
- Velocity banking with a HELOC — use a revolving line of credit to "chunk" principal payments
Critical check: Make sure your loan has no prepayment penalty. Most conventional and government-backed loans (FHA, VA, USDA) don't, but always verify before making extra payments. Read more in our refinancing guide.
7. How Much House Can I Afford?
Use the 28/36 rule as your starting point. No more than 28% of your gross monthly income should go to housing costs, and total debt payments shouldn't exceed 36%. Here's what that looks like at different income levels:
| Annual Income | Max Monthly Payment (28%) | Approx. Home Price (5% Down) |
|---|---|---|
| $60,000 | $1,400 | $220,000 - $250,000 |
| $80,000 | $1,867 | $300,000 - $340,000 |
| $100,000 | $2,333 | $380,000 - $420,000 |
| $120,000 | $2,800 | $450,000 - $510,000 |
| $150,000 | $3,500 | $570,000 - $640,000 |
These are conservative estimates at ~6% interest. Your actual buying power depends on your credit score, debts, down payment, and the local property tax rate. Colorado property taxes are relatively low (average 0.51% vs. the national 1.1%), which boosts your purchasing power compared to other states.
For a personalized number, get pre-approved with Cedar Home Loans — it's free and takes about 15 minutes. Or use our mortgage calculator for a quick estimate.
8. Is It Better to Get a 15-Year or 30-Year Mortgage?
It depends on your financial priorities. Here's a direct comparison on a $400,000 loan:
| 30-Year Fixed (6%) | 15-Year Fixed (5.25%) | |
|---|---|---|
| Monthly Payment | $2,398 | $3,213 |
| Total Interest Paid | $463,353 | $178,383 |
| Interest Savings | — | $284,970 |
Choose a 30-year if you: want lower monthly payments, plan to invest the difference, need financial flexibility, or aren't sure how long you'll stay in the home.
Choose a 15-year if you: can comfortably afford the higher payment, want to build equity fast, plan to stay long-term, and prioritize paying less interest.
A popular middle-ground strategy: get a 30-year loan but make extra payments as if it were a 15-year. This gives you the flexibility of lower required payments while still accelerating your payoff.
9. Can I Get a Mortgage with a 500 Credit Score?
Yes, but your options are limited. FHA loans are the primary path for borrowers with credit scores between 500 and 579 — you'll need at least a 10% down payment. With a 580+ score, the down payment drops to 3.5%.
Steps to improve your odds with a lower credit score:
- Pay down credit card balances to below 30% utilization (below 10% is ideal)
- Dispute errors on your credit report — about 1 in 5 reports contains an error, per the FTC
- Avoid opening new accounts in the 6 months before applying
- Become an authorized user on a family member's old, well-managed credit card
- Consider a credit-builder loan to establish payment history
Even 3-6 months of focused effort can move your score 50-80 points. That jump from 540 to 620 opens up dramatically better loan terms. At Cedar Home Loans, we work with borrowers across the credit spectrum — let's talk about your options.
10. What Is the Minimum Down Payment for a House?
The minimum down payment depends entirely on your loan type:
- VA loans: 0% down for eligible veterans and active military
- USDA loans: 0% down for eligible rural properties
- FHA loans: 3.5% down (minimum $17,500 on a $500K home)
- Conventional loans: 3% down (minimum $15,000 on a $500K home)
- Jumbo loans: Typically 10-20% down
Colorado also offers down payment assistance through CHFA (Colorado Housing and Finance Authority), which provides grants and second mortgage assistance for qualifying borrowers. Many buyers don't realize these programs exist — they can reduce or eliminate the need for your own cash at closing.
Keep in mind that putting down less than 20% on a conventional loan triggers PMI (Private Mortgage Insurance), which adds $100-$300/month on a typical loan. PMI automatically drops off once you reach 20% equity. For many buyers, especially in appreciating Colorado markets, this happens faster than expected.
The Bottom Line
The mortgage process doesn't have to be intimidating. At its core, qualifying for a home loan comes down to three things: your credit score, your income relative to your debts, and your down payment. Understanding where you stand on each gives you a clear picture of what's realistic.
If you're ready to move from searching Google to actually getting answers tailored to your situation, get pre-approved with Cedar Home Loans — it's free, takes about 15 minutes, and gives you a concrete number to work with. Or call us directly at (970) 368-6135.
