Mortgage FAQs

Moxie Mortgage is a wholesale mortgage broker and lending division of NEXA Lending, one of the largest mortgage brokerages in the nation. We offer 1,000s of products at wholesale pricing, cut out the middlemen, and pass those savings on to you, the client.

Moxie Mortgage serves 51 states and territories. We proudly serve homebuyers, investors, and agents across the U.S., including U.S. territories.

Moxie Mortgage was created specifically to help make home ownership more affordable for Americans. We are able to offer lower rates because we are not a retail lender. Traditional retail lenders have significant overhead and middlemen, all of which drives up rates for their borrowers. No high retail overhead = more savings for you.

Our average clear-to-close time is under 12 days, and we've even done so in as little as 48 hours. This speed helps our clients make more attractive offers and to get them accepted more often, especially in competitive markets. If you would like to close in 2 weeks or less, be sure to communicate that to your Moxie loan officer.

Yes! We work extensively with agents, teams, and brokerages across the nation, offering co-branded tools, white-glove service, and even employment opportunities for qualified applicants. To learn more, visit moxiemortgage.com/bdm today.

Yes, while most lenders cannot go below 620 FICO, Moxie Mortgage has access to products and programs that allow for FICO scores as low as 500 depending on other compensating factors. Every client gets a custom plan, whether they're A+ credit or working their way back.

Absolutely. We support investors across the country and offer an array of investor-friendly products for both long-term and short-term rental properties, including single family rentals and multi-family properties.

You can get started by applying at apply.moxiemortgage.com or contacting a loan expert.

Moxie Mortgage does not charge junk fees or unnecessary lender fees. Our goal is transparency and long-term relationships. Any fees that apply will be disclosed early, and in many cases we can offer no-cost or low-cost options depending on rate selection.

Yes, for qualifying borrowers, we offer a no-cost refinances for life program. On average, this saves clients $1,000s in origination fees, $10,000s of interest to be paid, and unlocks creative financing strategies that otherwise would not be feasible.

A mortgage is a loan used to buy a home or property, where the home serves as collateral until the loan is fully repaid.

A mortgage allows you to borrow money from a lender to buy a home, then repay it (plus interest) in monthly installments over a set term, typically 15 to 30 years.

Your payment may include:

• Principal
• Interest
• Property taxes
• Homeowners insurance
• Mortgage insurance (if applicable)

Closing costs are one-time fees paid at closing that typically range from 2% – 5% of the purchase price. They include lender fees, title insurance, appraisal fees, and more.

Yes, you can do so in several forms including paying extra principal monthly, requesting a recast, or by requesting a payoff. Some products may carry prepayment penalties, so be sure to check your loan terms first.

If you miss a mortgage payment, you may incur late fees, damage your credit score, and face foreclosure if the issue remains unresolved for an extended period of time.

An escrow account holds a sum of funds set aside to pay property taxes and insurance on your behalf. While not always mandatory, escrow accounts are commonly required for mortgages, particularly when a down payment is less than 20% or with certain loan types like FHA or USDA loans.

Equity is the portion of your home that you own outright. Your equity increases as you pay your mortgage* and as property increases in value.

*While monthly payments for most loans include principal and interest, there are loan types for which the monthly payment only includes interest and therefore will not build your equity position with each payment.

A loan estimate is a standardized, three-page document that lenders provide to borrowers after they apply for a mortgage. It outlines the key terms and projected costs of the loan, including interest rate, monthly payments, and closing costs.

Origination fees are charged by the lender for processing your loan application — usually around 0.5% to 1% of the loan amount.

A rate lock guarantees your interest rate for a set period, protecting you from rate increases. A standard rate lock is 30 days; however, Moxie has the ability to lock your rate for up to 360 days.

Most lenders typically require 30–45 days to close a mortgage; however Moxie can close in as little as 10 days, making our buyers' offers more attractive to sellers.

Yes, a co-signer with strong credit and income can help you qualify, but they will be equally responsible for the loan.

Yes, if you're working with a reputable lender. They need your SSN to access your full credit report, verify your identity, and provide an accurate loan estimate.

A prepayment penalty is a fee charged when a borrower pays off all or part of their mortgage early, typically within the first few years of the loan. This can include:

• Paying off the loan in full ahead of schedule
• Refinancing with another lender
• Making extra large payments that significantly reduce the principal

Not all mortgage loans can legally include prepayment penalties. Here's a breakdown:

• Not allowed: Conventional loans (owner-occupied), FHA loans, VA loans, USDA loans
• Allowed: Non-QM loans, DSCR/investor loans, hard money loans

There are several ways to apply with Moxie Mortgage.

1. You can apply entirely online in 10 minutes or less at apply.moxiemortgage.com
2. You can apply over the phone by calling (480) 660-2518
3. You can schedule a time to submit your application in-person or via Zoom depending on your location

For most borrowers, applying for a mortgage takes 10 minutes or less. You can apply entirely online through our secure portal. Visit apply.moxiemortgage.com to apply and get your preapproval decision today.

Lenders look at your credit score, income, debt-to-income (DTI) ratio, employment history, and down payment amount. Based on these factors, a lender will determine if you are qualified for a mortgage and which product is best suited.

Pre-approval means a loan officer has reviewed your credit, assets, and income to issue a preliminary approval that, absent other changes in circumstances, your assets can cover the required cash-to-close, your income satisfies debt-to-income requirements, and your credit meets loan requirements.

Pre-qualification is an estimate of what you could afford that is lacking one or multiple required criteria for a full preapproval — such as proof of funds, verification of employment/income, or satisfactory review of credit.

• Recent pay stubs
• W-2s and/or tax returns
• Bank statements
• Proof of identity
• Employment verification
• Asset documentation

Yes. Moxie Mortgage offers numerous alternate or no income-verification loans including P&L loans, bank statement loans, asset depletion, and no-ratio loans.

Yes, self-employed individuals can obtain a mortgage. To do so, you will generally need to show two consecutive years of self-employment history and income. If you do not have two years, Moxie has other special options that will still allow you to buy a home.

Changing employment can delay or derail your approval. Contact your Moxie Mortgage loan officer before making job changes if you are looking to obtain a mortgage.

Yes, it is possible to get a mortgage after bankruptcy or foreclosure, but there will likely be waiting periods and stricter requirements. Waiting periods:

• FHA loans: Generally, 2 years after a Chapter 7 bankruptcy discharge or 1 year into a Chapter 13 repayment plan with court approval.
• VA loans: Typically, 2 years after a Chapter 7 discharge.
• Conventional loans: Generally, 4 years after a Chapter 7 discharge or 2 years after a Chapter 13 discharge.
• Non-QM loans: May offer shorter waiting periods.

Loan categories: fixed-rate mortgage, adjustable-rate mortgage (ARM), and interest-only mortgage.

Loan products:

• Conventional loan
• FHA loan
• VA loan
• USDA loan
• Jumbo loan
• Bank statement loans
• P&L loans
• Asset utilization loans
• No ratio loans
• DSCR investment loans
• Fix and flip loans
• And more

A fixed-rate mortgage has the same interest rate for the life of the loan. An ARM has a lower initial rate that adjusts periodically based on market conditions.

An FHA loan is a type of mortgage that is insured by the Federal Housing Administration (FHA). It's a popular option for homebuyers who may not meet the stricter requirements of conventional loans, especially first-time homebuyers or those with lower credit scores or limited savings.

A VA loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs (VA). This program helps eligible veterans, active-duty service members, reservists, and certain surviving spouses purchase, build, or refinance a home. While VA loans are issued by private lenders, the VA guarantees a portion of the loan, reducing the risk for the lender and offering favorable terms for borrowers.

A USDA loan is a government-backed mortgage offered by the U.S. Department of Agriculture (USDA) designed to help low-to-moderate income individuals and families in rural and suburban areas purchase, build, or renovate homes. These loans often feature no down payment requirement and competitive interest rates, making homeownership more accessible, especially for those in less populated areas.

A jumbo loan is a mortgage that exceeds the standard conforming loan limits set by the Federal Housing Finance Agency (FHFA). These limits are updated annually by the FHFA. In 2026, a loan exceeding $832,750 is considered a jumbo loan in most counties; however, in areas deemed to be "high-cost," the conforming loan limit can be higher — up to $1,249,125.

A Non-QM (Non-Qualified Mortgage) loan is a type of mortgage that doesn't meet the traditional lending criteria set by the CFPB (Consumer Financial Protection Bureau) for "Qualified Mortgages." These loans are designed for borrowers who don't fit into the conventional mortgage mold, but are still creditworthy.

Yes, FHA 203(k) and Fannie Mae HomeStyle loans allow you to roll renovation costs into the mortgage.

An FHA loan is often an attractive option for first-time buyers due to their low down payment options (as low as 3.5%) and more flexible credit requirements.

Yes, you can refinance to a different loan type subject to loan approval. Examples:

• Refinance from an ARM to a fixed-rate loan
• Refinance from an FHA to a conventional loan

Common examples of Non-QM loans include:

• Bank statement loans – Qualify based on 12–24 months of bank deposits instead of W-2s or tax returns.
• Asset depletion loans – Use liquid assets to qualify for income.
• Interest-only loans – Lower monthly payments for a set term by paying only interest.
• DSCR loans (debt-service coverage ratio) – Popular with investors; qualification is based on property cash flow, not personal income.
• Foreign national loans – For non-U.S. citizens purchasing property in the U.S.

Yes, Non-QM loans are legal and regulated. They're simply non-traditional, and lenders often use manual underwriting to assess risk. They are not subprime loans; many borrowers have good credit but unique income or asset situations. Moxie offers a complete range of Non-QM products. Contact Moxie for more information today.

Generally, yes. Non-QM loans carry slightly higher interest rates than conventional loans to account for the additional risk or flexibility offered by the program.

A DSCR loan is a type of non-QM mortgage designed for real estate investors. Instead of using your personal income, the lender qualifies the loan based on the cash flow of the investment property you're buying or refinancing. This makes it ideal for investors who want to scale without being constrained by their personal debt-to-income ratio.

DSCR is a key metric for investment loans. It compares a property's monthly rental income to its monthly mortgage payment. Moxie offers DSCR loans from a .75 ratio and higher, meaning the property generates enough income to cover 75% of the monthly mortgage payment.

Formula: DSCR = Gross Rental Income ÷ Monthly Mortgage Payment

• A DSCR of 1.0 means the property breaks even.
• A DSCR above 1.0 means the property earns more than it costs.

Yes, DSCR investment loans can be used on:

• Single-family homes
• Duplexes
• Triplexes
• Fourplexes
• In some circumstances, 5–8 unit options

Here's a breakdown of common closing costs:

• Lender fees: Application, origination, underwriting
• Third-party services: Appraisal, credit report, inspection
• Title services: Title insurance, title search, settlement
• Prepaid items: Property taxes, homeowners insurance, interest
• Government fees: Recording fees, transfer taxes

Yes, but the lender may require a gift letter and proof of funds.

Yes, Non-QM loans generally require at least 10–25% down depending on the borrower's credit profile and loan program.

It depends on the loan type:

• Conventional: As low as 3%–5%
• FHA: 3.5%
• VA / USDA: 0% down for qualified borrowers
• Jumbo loans: Often 10%–20%

We'll help you find the right program based on your goals and financial situation.

Yes, Moxie has access to many state and local government programs that offer Down Payment Assistance (DPA). These can come in the form of grants, forgivable loans, or second mortgages — often with no or low interest. Moxie Mortgage will help you find and apply for DPA programs you may qualify for in your area.

Yes, most loan programs allow you to use gift funds from family members or close relatives to cover some or all of your down payment and/or closing costs. There are simple documentation requirements, and we'll walk you through them.

Yes, depending on your loan program and how you structure the contract, sellers can contribute toward your closing costs. This is called seller concessions, and limits vary:

• Conventional loans: Up to 3%–6% of the purchase price
• FHA loans: Up to 6%
• VA loans: Up to 4%

You'll typically pay these at closing, either via wire transfer or certified check. Moxie Mortgage and the title company or attorney will give you a final "Cash to Close" figure in advance via a balanced Closing Disclosure, so you're fully prepared.

Mortgage insurance protects the lender if you default and is a GSE requirement for mortgages with a down payment less than 20%.

Several factors influence your mortgage rate, including:

• Credit score
• Down payment amount
• Loan type and term
• Debt-to-income ratio (DTI)
• Current market conditions
• Property location and type

You can get a lower rate by working with a direct-to-wholesale lender like Moxie Mortgage. Unlike traditional retail lenders, Moxie cuts out the middlemen and overhead that tend to increase rates for borrowers. Additionally, you can improve your credit score, improve your debt-to-income ratio, increase your down payment, and consider options such as temporary or permanent rate buydowns.

A discount point is a fee you can pay at closing to reduce your interest rate over the term of the loan.

Most mortgages in the United States span 15 or 30 years. Moxie has a range of options including 10, 15, 20, 25, 30, and 40 years. Mortgages with shorter terms have higher monthly payments, but lower total interest paid relative to longer term options.

Interest rate reflects only the cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus fees like loan origination, mortgage insurance, and closing costs — giving a more complete picture of the total loan cost.

The Federal Reserve does not set mortgage rates, but it influences them by changing the federal funds rate, which influences the bond market. The bond market — in particular the 10 Year Treasury — is the foundation of the 30 Year Fixed Rate mortgage in the United States.

Yes, a preapproval gives an initial indication of your eligibility, but your rate is not locked until you go under contract and formally lock it with the lender.

A float-down option allows you to lock in a rate but drop to a lower rate if the market improves during your lock period. It often comes with added fees or conditions.

No, unless you have a float-down option. Otherwise, once locked, your rate is fixed through the lock period even if rates drop.

If you're putting down less than 20% on a conventional loan, you'll likely pay Private Mortgage Insurance (PMI). FHA loans also require mortgage insurance premiums (MIP).

Typically, no. Most Non-QM loans do not require mortgage insurance — even if the down payment is less than 20%.

Most lenders require at least a 620 for conventional loans, 580 for FHA, and 640 for USDA. Moxie Mortgage has the ability to go as low as 500 on FHA depending on the borrower's application.

Yes, it is possible to get a mortgage with recent late payments depending on the type, the quantity, the severity, and the recency of those lates. There are specific guidelines regarding late payments depending on the loan type and product. Contact Moxie Mortgage for guidance about your specific situation.

Yes, lenders factor your minimum monthly payment into your debt-to-income (DTI) ratio — even if the loan is in deferment.

A hard inquiry (or hard pull) is a type of credit report that is required as part of a mortgage application. It may cause a small, temporary drop in your credit score — usually around 2 points.

• Soft pull: Doesn't impact your credit score. While common for pre-qualifications or personal credit checks, soft pulls are not sufficient for mortgage approval.
• Hard pull: Can slightly lower your score. Used for mortgage approvals and new credit applications.

Typically, a hard inquiry may impact your score minimally for up to 12 months, but it disappears from your credit report entirely after 24 months.

Not necessarily — credit bureaus group mortgage inquiries made within a 45-day window (FICO) as one single inquiry.

1. Pay down credit card balances
2. Keep credit utilization under 30%
3. Make all payments on time
4. Avoid new credit applications

Contact Moxie Mortgage for a free credit assessment and guidance on how to maximize your credit score improvement.

Minimum credit scores typically start at 620 for Non-QM products.

Yes, contact Moxie Mortgage today for a credit review and resources to repair your credit in order to qualify.

A property appraisal is a professional, third-party assessment of a home's market value.

Lenders use appraisals for third-party verification that the property value justifies the loan amount and loan-to-value ratio.

The buyer typically pays for the appraisal. It usually costs between $400–$800, depending on property size, location, and type.

Assuming your contract has an appraisal contingency, you have several options if the appraisal comes in low.

1. Renegotiate the purchase price
2. Pay the difference in the form of a greater down payment
3. Dispute the appraisal with a Reconsideration of Value (ROV)
4. Cancel the contract

• Appraisal inspection: 60 minutes
• Report delivery: 3–10 business days based on market demand and appraiser availability

Appraisers evaluate the following when considering the market value of a property:

• Property condition (interior & exterior)
• Square footage
• Number of bedrooms & bathrooms
• Location
• Comparable recent sales ("comps")
• Upgrades, renovations, and lot size

• Appraisal: Estimates market value of a property for the lender
• Inspection: Evaluates the physical condition of a property and seeks to identify any property issues for the buyer

Yes, renovations to a property, in particular improvements to kitchens, bathrooms, flooring, roofs, HVAC, additional bedrooms, and finished basements often increase the value of a home.

A 1004 appraisal, also known as the Uniform Residential Appraisal Report (URAR), is the most commonly used full appraisal report for single-family homes. It's used to determine the market value of a property and is required for most home loans.

A 1007 appraisal is used to estimate the market rent of a property — especially for investment properties. It's typically required for:

• DSCR loans
• Investment property purchases or refinances
• Loans using rental income to qualify
• Conversion of primary residences into rental properties

A mortgage refinance is the process of replacing your current mortgage with a new one, often to get a lower interest rate, a different loan term, or to access equity.

• Lower interest rates: When rates drop, refinancing can help you secure a lower rate, saving you money over the life of the loan.
• Change loan terms: Refinancing to a shorter term, like moving from a 30-year to a 15-year mortgage, can help you pay off your home faster and save on interest.
• Change interest rate types: Switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more predictable monthly payments.
• Pull equity out of your home: Depending on your equity, a cash-out refinance lets you pull equity out of the home tax-free.
• Consolidate debt: Use your home equity to pay off high-interest debts like credit cards or student loans.

If your current rate is more than 0.5%–1% higher than today's market rates, refinancing could be worth exploring. Contact Moxie Mortgage for a refinance assessment to see how much you could potentially save.

1. Sufficient home equity
2. Solid credit score (620+ for most lenders)
3. Stable income and low debt-to-income ratio
4. On-time payment history

In most cases, lenders require an appraisal to confirm the current market value of the property; however, FHA Streamline and VA IRRRL refinances generally do not require an appraisal.

Yes, often closing costs can be financed into the new loan, reducing your upfront out-of-pocket expenses.

A streamline refinance is a simplified process available for current FHA or VA loan holders, which does not require an appraisal.

Closing costs for refinances can range from 2%–5% of the loan amount. Moxie Mortgage offers no-cost refinances for qualifying borrowers that purchased the same property with Moxie.