FAQ
The questions that come up most, with the answers Mike actually gives. If yours isn't here, it's a text away.
Working with Mike
How do I get in touch with Mike Facchini?
Text or call 312-667-7681 — texting is fastest. You can also email Mike@TeamFacchini.com or start an application through his official Fairway Home Mortgage profile. Mike is based at Fairway's Chicago, IL branch and serves buyers across Chicago and the collar counties.
What does it cost to talk to Mike?
Nothing. Questions, payment estimates and pre-approval conversations are free. Lender costs only appear if and when you close a loan, and they are disclosed on your Loan Estimate.
Do I need a real estate agent to work with Mike?
No — but Mike works best as part of a team with your agent, and he can introduce you to agents he trusts if you do not have one. You are always free to choose any licensed agent.
Does Mike work with my real estate agent directly?
Yes. Mike runs offer-day numbers with your agent, calls the listing agent with every offer, and keeps your agent updated at every milestone so nobody is chasing anyone for status.
Is Mike available on evenings and weekends?
Mike aims to be reachable seven days a week, because showings and offer deadlines do not keep office hours. Text is the fastest way to reach him.
Money questions
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 or USDA loans for eligible buyers. Down payment assistance from IHDA may cover some or all of it for eligible households.
What credit score do I need to buy a house?
Conventional programs generally start around 620. FHA guidelines allow lower scores with 3.5% down. If your score is not where you want it, Mike can map out what moves it and when buying makes sense.
What will my monthly payment be?
Use the calculator on this site for an instant estimate including principal, interest, taxes, insurance and mortgage insurance. Then text Mike the address and price for numbers specific to that home and your scenario.
What are closing costs?
Fees to finalize the loan and transfer the home — typically roughly 2–4% of the purchase price. They can sometimes be covered partly by seller credits or lender credits, within program limits.
Can my family help with the down payment?
Yes. Gift funds from family are allowed on conventional, FHA, VA and USDA loans with a gift letter and a documented transfer.
Timing questions
How long does pre-approval take?
Typically a day or two once Mike has your complete documents. Incomplete paperwork is the most common delay, which is why the pre-approval checklist exists.
Does getting pre-approved hurt my credit?
A mortgage pre-approval is one hard inquiry — typically a few points, temporarily. Multiple mortgage inquiries in a short shopping window count as one.
How long does it take to close on a house?
Commonly 30–45 days from accepted offer to closing, depending on the contract, appraisal and underwriting. Mike sets a realistic date with you and your agent on offer day.
Should I wait for rates to come down?
Nobody can predict rates. The better question is whether the payment fits comfortably today. If rates fall later, refinancing is an option; the purchase price you lock in today never changes.
Can I buy outside Illinois with Mike?
Yes. Beyond Illinois, Mike is licensed in Indiana, Wisconsin, Michigan, Missouri, Tennessee, Florida and California — so a lake house in Michigan, a condo in Florida or a move to Nashville can all run through the same team.
Does Mike do multi-unit and investment property loans?
Yes — it is a specialty. Two-flats, three-flats and four-unit buildings (owner-occupied or investment), co-ops, and renovation loans are everyday files for Team Facchini. Mike has owned, developed and managed property himself, so the advice comes from both sides of the table.
Ready when you are
No dumb questions, no pressure, no forms to fill out. Text Mike what you are wondering about and get a straight answer — usually the same day, nights and weekends included.
Applications happen on Fairway's secure site — never here.