Frequently asked questions
Do union employees qualify for special programs?
Yes. Union employees in California qualify for Blue Collar Approved Mortgage programs designed around your employment status. Your job or affiliation with a local union is what makes you eligible.
Can retired or former union employees qualify?
Yes. Retired and former union tradespeople qualify for the incentives our team and partners offer. We also specialize in maximizing your approval through extensive experience accurately calculating union wages and pension benefits.
What credit score do I need to qualify?
Rather than applying a single cutoff, automated underwriting runs a risk analysis across your full application and credit report to determine eligibility. Our team has closed VA loans with a FICO of 482, FHA loans at 520, and conventional loans at 583.
Do I need to be a first-time home buyer?
No. Some programs and benefits are aimed at first-time buyers, but it is not a requirement to work with us. Repeat buyers remain eligible for the incentives our team and partners offer.
What is the minimum down payment?
It depends on which loan program fits your needs and qualifications. VA loans can require as little as 0% down. FHA loans start at 3.5%. Conventional loans start at 3%. We also offer programs with down payment assistance options.
What documents do I need to apply?
For a pre-approval: a complete application, your most recent pay stub showing year-to-date earnings, your year-end pay stub for the most recent tax year if you are using overtime income to qualify, and proof of down payment funds — a bank statement, gift letter or similar.
How fast is the pre-approval process?
Once we have your application and the required documentation, we aim to complete your pre-approval within one business day. We may need a phone call with you first — some files have more intricate details and a verbal clarification saves time later.
Can I refinance later?
Yes. Some programs require a minimum of six on-time monthly payments before you can refinance. We recommend a financial goal review call before you decide. Refinancing is a good option for some homeowners and the wrong move for others, largely because it resets your amortization.
Are rates truly competitive?
As mortgage brokers we have access to a wide network of lender partners, which lets us shop multiple options on your behalf. That flexibility helps us find competitive rates and loan programs that align with your specific scenario. Rates vary with market conditions and borrower qualifications, and all loans are subject to credit approval.
Do I qualify automatically?
Our discounts are available to borrowers employed by or retired from blue collar unions. Which loan options you qualify for is determined by your credit history and by comparing your income against your current debt.
Is Blue Collar Approved Mortgage a government program?
No. It is not a government program, a grant, or a government-backed loan. It is a private mortgage pricing model operated through Barrett Financial Group, a licensed mortgage broker. You qualify based on your employment as a blue collar union employee — current or retired, state, city or county.
The credit scores above are examples of loans we have closed for other clients. They are not a guarantee that we can close your loan at that score. Other qualifications including income, debt ratio and down payment are also used to determine eligibility. All loans are subject to credit approval.