Starting the Minnesota Home Loan process with an online application is easy
Here you are with a down payment in hand and you are looking to start the Minnesota home loan process, so that you can start comparing interest rates.
You are ready to see what you qualify for with your credit score as you are likely deciding among VA, FHA, USDA possibly conventional.
The good news is I know a great person who gets 485 credit scores done for VA loans and FHA can even be done with 580+ credit score. USDA also is amazing with 580% credit scores. You will find out that USDA and VA can do 100% financing.
You start chatting on Facebook messenger and you’ll find out really quickly that it’s worth filling out a 5-10 minute app online to focus on getting ore-approved so that you can go out and look at amazing beautiful dream homes.
Dream kitchens. Remodeled bathrooms. You don’t look at them until you get pre-approved though. That starts with you starting the conversation.
Your loan person will ask for paperwork from you like w-2, bank statements, possibly recent taxes, and will want to verify employment which I’m sure that you can understand.
The goal of getting the paperwork is to package it together to get a price that you are pre-approved for, so that you can go start to look at those dream homes. So you have to either sell your homes or stop renting and make that decision if you truly want to be a homeowner.
Your goal is to get some of your paperwork organized so that you can upload and email it so that the processing takes only a couple weeks vs. many months. You’ll want to make it a top priority when the paperwork is asked for.
After the mortgage person finds out the price point that your income and monthly debts allows you to buy, an agent will help you find homes in your favorite area.
At this point we will know what you can afford. Don’t choose a Minnesota agent yet, that can provided as you get closer to pre-approval.
Knowing your income, upfront money, collections, current late payments and annual income is just the start of some of the info that’s needed. Much or All of this pre-approval process can be done online And many times without a phone call.
A phone call or in-person meeting can be done if that’s what makes you more comfortable.
If you are excited to go look at homes and want to get Started on the process just send a message on the Facebook loan program page and someone will be happy to answer your questions.