FAQ
Questions people text Eddie. Answers he texts back.
Grouped by what people actually wonder about: working with him, the money, and the timing. If yours isn’t here, it’s a text away.
Working with Eddie
Do you really work in Spanish, or is it a translator?
Eddie is fully bilingual and works directly with Spanish-speaking clients every day — the first call, the pre-approval, the closing review. No third party in the middle. Loan documents themselves are issued in English through Fairway’s systems, and Eddie explains any of them in Spanish.
What’s the best way to reach you?
Text 815-814-1964. Eddie answers texts fastest, and it lets you send an address or a question whenever it comes to mind. Calling and email work too.
Do I need to come into the Elgin office?
No. Most of Eddie’s clients never do — everything from application to document upload happens through Fairway’s secure online system. If you’d rather sit across a desk, the office is at 721 Dundee Avenue in Elgin and you’re welcome.
What does it cost to talk to you?
Nothing. A conversation, a pre-approval, and a scenario comparison are all free. You only pay loan costs if you actually close a loan, and every one of those costs is disclosed to you in writing beforehand.
Where are you licensed?
Eddie is licensed in Illinois, Indiana, Wisconsin, Florida & Texas, and Fairway Independent Mortgage Corporation lends nationwide. If you’re buying somewhere else, ask — he can point you to the right person.
The money
How much do I need for a down payment?
As little as 3% on conventional loans for qualified first-time buyers, 3.5% on FHA, and 0% on VA and USDA. Twenty percent is a choice that eliminates mortgage insurance, not a requirement.
Can I use down payment assistance in Illinois?
For qualified buyers, yes. IHDA offers assistance for down payment and closing costs, with income and purchase-price limits by county. Eddie pairs it with the right first mortgage and handles the details.
What credit score do I need?
It depends on the program: FHA guidelines allow scores in the 580s, conventional generally starts around 620, and pricing improves as scores rise. A score that isn’t there yet usually has a clear, specific path.
What are closing costs, roughly?
Typically 2–3% of the purchase price, covering appraisal, title, recording, lender fees and prepaid taxes and insurance. Seller credits and lender credits can offset some of it. You get every number in writing on your Loan Estimate.
Will you tell me if I shouldn’t buy right now?
Yes. If the numbers don’t work, or waiting six months would put you in a materially better spot, Eddie says so — and tells you exactly what to do in the meantime.
Timing
How fast can I get pre-approved?
Usually a day or two once Eddie has your documents — pay stubs, W-2s, bank statements, ID. In a hurry for an offer? Say so; same-day is often possible.
How long from offer to closing?
Plan on about 30 days. It can be faster with a clean file and a cooperative appraisal schedule.
Should I wait for rates to come down?
Nobody can time rates. If the payment works for a house you love and you plan to stay, buy it. If rates fall later, you can refinance. If they rise, you’ll be glad you didn’t wait.
How long is a pre-approval good for?
Typically 60–90 days, and refreshing it is easy — usually just updated pay stubs and statements.
One question. One straight answer.
No pressure, no jargon, no obligation — ask in English or Spanish and Eddie answers in the same language. Text, call, or apply whenever you’re ready.