FAQs

Most loans close in 30–45 days, depending on the loan type, appraisal timing, and how quickly documents are submitted. VA and USDA loans may take slightly longer because they require additional review steps. We’ll keep you updated throughout the process so there are no surprises.

Pre-approval isn’t required, but it is strongly recommended.
A pre-approval letter gives you:

• A clear price range

• Stronger negotiating power

• The ability to make offers quickly

Most real estate agents prefer you to be pre-approved before showing homes.

It depends on your loan program:

• VA Loans: 0% down

• USDA Loans: 0% down (eligible rural areas)

• FHA Loans: As low as 3.5%

• Conventional Loans: Typically 3%–20%

Many buyers are surprised to find they need less money than they expected.

A single mortgage inquiry has only a small impact.

Multiple pulls for a mortgage within a short timeframe are counted as one inquiry, because credit agencies understand shopping for a loan is normal.

Generally:

• Recent pay stubs

• W-2 forms (last 2 years)

• Federal tax returns (last 2 years)

• Bank statements

• Photo ID

• Employment/income verification

You can start your application even if you don’t have everything ready—we’ll help you gather the rest.

Rates are based on several factors:

• Credit score

• Loan type

• Loan amount

• Down payment

• Market conditions

• Property type

• Whether it’s a purchase or refinance

We’ll walk you through options so you understand which factors apply to your situation.

Most payments include:

• Principal (your loan balance)

• Interest

• Property taxes

• Homeowners insurance

• Mortgage insurance (if required)

Taxes and insurance are often paid through an escrow account.

Yes — Southside Mortgage Corporation works with modular and manufactured homes, as long as the property meets lending guidelines for the specific loan program. These homes are common throughout Southside Virginia, and we’re experienced with their requirements.

We are a locally owned and operated mortgage company with deep roots in Southside Virginia. Unlike large national lenders or call centers, we provide:

• Personal guidance from start to finish

• Local expertise in the rural communities we serve

• Experience with VA, USDA, FHA, conventional, and manufactured home financing

• Quick, straightforward communication

• Flexible, customer-first support

When you work with us, you’re working with real people committed to helping you achieve homeownership—not a faceless automated system.

Not necessarily. Waiting can cause you to lose buying power if:

• Home prices rise

• Your credit score changes

• Market competition increases

Many homeowners buy now, build equity, and refinance later if rates fall.

You may still qualify.

Many programs (especially FHA and VA) allow for:

• Limited credit history

• Past financial challenges

• Lower score requirements than conventional loans

We’ll review your situation and help you understand your options.

You can call, email, or stop by our office. Southside Mortgage Corporation is locally owned, which means you get direct communication—not a call center. Personal service is part of what sets us apart.