Frequently Asked Questions

Mike Stanley is a Bachelor of Science in Advertising graduate of the University of Texas, Austin and is a Juris Doctor graduate of Western State University College of Law in Orange County California. He holds NMLS MLO #1032377, operates under NMLS Company #2808971 (Best Rates Financial), and is also a CA Real Estate Broker #00712622.

A bank can only offer you their loan products. A mortgage broker like Mike has access to wholesale rates from many lenders — banks, credit unions, and specialty lenders. This means more options, more competition, and typically better rates and terms for you.

Absolutely. Mike Stanley operates under:

• NMLS MLO #1032377 — licensed as a Mortgage Loan Originator in Texas and California
• NMLS Company #2808971 — Best Rates Financial company license in Texas and California
• CA Real Estate Broker #00712622 — Michael J. Stanley

You can verify any NMLS license at the official NMLS Consumer Access website (nmlsconsumeraccess.org).

Initial consultations are always free. Broker compensation is disclosed upfront on your Loan Estimate — it’s part of the transparent process required by federal law. In most cases, lender-paid compensation means the lender pays Mike’s fee and you see no separate line item from a broker. All fees are always clearly disclosed before you commit to anything.

Mike specializes in a wide range of financing:

• Residential: Purchase, refinance, FHA, VA, USDA, conventional, jumbo, first-time buyer programs
• Commercial: Office, retail, multi-family, mixed-use, investment property
• Construction: Construction-to-permanent loans, land loans, new build financing
• Business Capital: SBA 7(a) loans, equipment financing, working capital loans

Yes — and these are often some of the best tools available. VA loans (for eligible veterans and active military) require zero down payment and no PMI. FHA loans require as little as 3.5% down and are more lenient on credit scores. Mike works with lenders who are VA- and FHA-approved and can guide you through every step of the process. In 2025, FHA loan limits increased significantly in Texas and California, opening doors for more buyers.

A construction loan is a short-term loan that funds the building of a home or commercial property. Funds are released in draws as construction milestones are completed. Most construction loans then convert to a standard mortgage (construction-to-permanent) once the build is done. Mike works with lenders who are actively doing construction loans in Texas and California — many lenders have pulled back from this product, so having the right connections matters.

Yes. Commercial loans are structured differently from residential — they’re often based on the property’s Debt Service Coverage Ratio (DSCR) rather than just personal income. Loan terms, rates, and amortization vary widely by property type. Mike has lender relationships focused on Texas and California commercial markets including multi-family, office, retail, and mixed-use properties.

• Step 1 — Free Consultation: Talk to Mike about your goals, finances, and timeline.
• Step 2 — Pre-Qualification: Mike reviews your credit, income, and assets to determine what you qualify for.
• Step 4 — Application & Disclosures: You complete the formal application and receive required disclosures including the Loan Estimate.
• Step 5 — Processing & Underwriting: Your file is reviewed by the lender. Mike manages this process and handles any conditions.
• Step 6 — Clear to Close: Underwriting approves the loan. Final documents are prepared.
• Step 7 — Closing: You sign documents and get the keys (or funds for a refinance).

A typical residential purchase loan closes in 21–30 days. Refinances can sometimes close faster. Construction and commercial loans generally take 45–60+ days due to additional underwriting complexity. Mike communicates proactively throughout the process so you always know exactly where your loan stands.

Standard documents for a residential loan include:

• Last 2 years of tax returns (personal and business if self-employed)
• Last 2 months of bank statements
• Last 30 days of pay stubs
• W-2s or 1099s for the past 2 years
• Photo ID
• Purchase contract (if buying)

Mike will provide you with a personalized checklist after your initial consultation.

Yes. The Texas State Affordable Housing Corporation (TSAHC) and the Texas Department of Housing and Community Affairs (TDHCA) both offer down payment assistance programs for first-time and repeat buyers that meet income requirements. USDA loans are also widely available for rural Texas properties. Mike stays current on all active programs to make sure you don’t miss out on money you’re entitled to.

California has some of the highest home prices in the nation, which means conforming loan limits are higher here. Many California buyers need jumbo loans (above $766,550 in most counties, or up to $1,209,750 in high-cost areas like LA and the Bay Area). The CalHFA down payment assistance program is available for qualifying first-time buyers. Mike holds a CA Real Estate Broker license and understands California’s unique market, Prop 19 implications, and state-specific disclosure requirements.

Yes. Investment property loans (1–4 units) typically require 15–25% down and have slightly higher rates than primary residence loans. DSCR (Debt Service Coverage Ratio) loans are also an option for investors who want to qualify based on the property’s rental income rather than personal income — great for self-employed investors or those with complex tax situations. Mike works with multiple lenders who specialize in investor loans in both states.