General Questions
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What does Torres & Co. Lending do?
We are a licensed mortgage brokerage, offering access to a wide range of loan programs from multiple lenders. Unlike retail banks, we shop for the best terms, rates, and products tailored to your financial profile.
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How do I get started with a mortgage?
The first step is to complete a pre-approval application. This allows us to review your credit, income, and assets to determine the programs and price range that fit your goals.
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How long does the mortgage process take?
Most purchase loans close in 30–45 days. Refinances can close in 30 days or less. With all documents submitted quickly, some programs allow closings in as little as 2–3 weeks.
Loan Programs
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What loan programs do you offer?
We provide a full suite of programs, including:
- Conventional Loans (Fannie Mae / Freddie Mac)
- FHA Loans
- VA Loans
- USDA Loans
- Jumbo Loans
- Specialty Programs: ITIN, Bank Statement, DSCR (investor), Foreign National, Reverse Mortgages
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What is the minimum down payment to buy a home?
- Conventional: 5% (3% for first-time buyer programs like HomeReady/Home Possible)
- FHA: 3.5% with credit 580+
- VA and USDA: 0% down for eligible borrowers
- Jumbo: Typically 10–20%
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What credit score do I need?
- Conventional: 620+
- FHA: 580+ (3.5% down) or 500–579 (10% down)
- VA/USDA: No minimum set by agency, but most lenders require 580–620+
- Specialty loans: Vary depending on the program
Costs and Fees
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What are closing costs?
Closing costs include lender fees, title and escrow fees, appraisal, insurance, and prepaid taxes. They generally range from 2–5% of the purchase price, depending on the market and program.
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Can the seller help pay my closing costs?
Yes. Seller contributions are allowed, but limits vary:
- Conventional: 3–6% depending on down payment
- FHA: Up to 6%
- VA: All closing costs may be covered
- USDA: Up to 6%
Pre-Approval & Documentation
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What’s the difference between pre-qualification and pre-approval?
- Pre-qualification: Based only on self-reported information; no verification.
- Pre-approval: Based on verified credit, income, and assets, making it far stronger.
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How long does pre-approval take?
With complete documents, pre-approval can be issued within 24–48 hours.
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What documents will I need?
Typically:
- W-2s or tax returns (if employed or self-employed)
- Pay stubs or bank statements
- Photo ID
- Asset statements (checking, savings, retirement)
- Authorization to pull credit
Specialty Situations
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Can I buy a home if I’m self-employed?
Yes. We offer bank statement loans, 1099 programs, and other non-QM solutions for self-employed buyers who cannot qualify with tax returns.
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Can I qualify if I don’t have a Social Security number?
Yes. We work with lenders who offer ITIN loans for borrowers without a Social Security number.
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What about foreign nationals?
Foreign national loans allow international buyers to purchase U.S. property with larger down payments and alternative documentation.
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What is a reverse mortgage?
A reverse mortgage (HECM) allows homeowners 62+ to access home equity without monthly mortgage payments. The loan is repaid when the home is sold, vacated, or upon the borrower’s passing.
Realtor & Partner Questions
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How can Torres & Co. Lending help Realtors close more deals?
We provide fast pre-approvals, clear communication, and access to diverse loan programs. We also offer co-branded marketing support and buyer education resources.
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How do you handle last-minute loan issues?
We proactively underwrite upfront, but if an issue arises, we work quickly to restructure the file, find alternative programs, and keep all parties informed.
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Do you provide bilingual services?
Yes. Our team is fully bilingual in English and Spanish.
Compliance & Consumer Rights
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Do you sell my personal information?
No. We do not sell or rent your personal data. Please see our Privacy Policy for details.
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How can I file a complaint?
You may contact us directly at 305-440-1507 or dolly@elitekyhomes.com. For additional options, please review our Complaint / Issue Resolution Notice.
Still Have Questions?
If your question isn’t listed here, please reach out. Our team is here to provide clarity and guide you through the lending process.
Torres & Co. Lending LLC
3903 Northdale Blvd. #100e
Northdale, FL 33624
Phone: 305-440-1507
Email: info@torresnc.com
⚖️ Compliance Note: This FAQ is designed to cover the most common client and partner inquiries while remaining within lending compliance boundaries.
