FAQ
Have questions about buying a home or refinancing? You’re not alone. Our team at Novus Texas has answered some of the most common questions we receive from homeowners and buyers, so you can move forward with confidence, no matter where you live.
What types of home loans does Novus Texas offer?
We offer a full range of mortgage programs, including Conventional, FHA, VA, USDA, and Jumbo loans, as well as DSCR investor loans, refinancing options, and first-time homebuyer programs. Our Dallas-based team helps you find the loan that fits your goals and financial situation best as we work across all 50 states.
How do I know which loan program is right for me?
Your ideal loan depends on your goals, credit profile, and property type. Our Dallas mortgage experts will walk you through your options, explain terms clearly, and tailor a strategy designed around your budget and long-term plans.
What credit score do I need to qualify for a mortgage?
Credit requirements vary by loan program, but most Conventional loans start around a 580 credit score, while FHA loans can go lower. Our advisors can help you understand your credit report and explore programs that match your profile, even if you’re still building credit.
How much do I need for a down payment?
Down payments vary by loan type. For most Conventional loans, you’ll need as little as 3–5%, while FHA loans start at 3.5%. VA and USDA loans often allow zero down payment for qualified borrowers. We’ll help you find the best fit for your financial goals and down payment assistance is available.
Can I get pre-approved before finding a home?
Absolutely, and we recommend it! Getting pre-approved shows sellers you’re serious and helps you shop confidently within your budget. Our Novus Mortgage Dallas team can provide fast, reliable pre-approvals to give you a competitive edge in the market. Plus, your approval is good for 4 months once the credit report is issued.
What documents do I need to apply for a mortgage?
You’ll typically need recent pay stubs, W-2s or tax returns, bank statements, and ID verification. Investors may need property income documentation. Our team will guide you step-by-step through what’s required so your application moves smoothly.
How long does the loan process take?
Legally, the fastest you can close is 8 days, but most loans close in 20 – 40 days, depending on the loan type and documentation. Our streamlined process and digital tools help make approvals faster and more efficient, with communication every step of the way.
Does Novus Mortgage Dallas offer refinancing options?
Yes! We provide a variety of refinancing solutions to help lower your rate, shorten your term, or access your home’s equity. Whether you’re in Dallas or across the U.S., our team can help determine if refinancing makes sense for your goals.
Are you licensed to lend outside of Texas?
Yes, while our branch is proudly based in Dallas–Fort Worth, our team is licensed in all 50 states. We can help you or your family members anywhere in the country with the same trusted service and expertise.
What makes Novus Mortgage Dallas different from other lenders?
At Novus Mortgage Dallas, we blend local service with national strength. Our team combines decades of experience, cutting-edge technology, and a relationship-first approach to make your mortgage journey simple, transparent, and empowering, from application to closing. We have an in-house processing team, in-house underwriting team, and in-house closer to assist in a smooth transaction from start to finish. I like to ensure prompt communication to all parties so once we receive an executed contract an initial email to all parties will be sent out, this will include our full team so that nothing gets missed and we all have the same expectations.