home loan

Late Payment= Down Payment Buying a Minnesota Home

Posted by on Sep 16, 2019 in home loan

This ‘hard and fast rule’ is not always 100% accurate because some buyers with only one 30+ day late that are reported on their credit in the last 12 months may still get a VA loan or their credit score may not have dipped below a 580 score for VA, so it’s possible to get qualified with the initial automatic underwriting with the quAlifying credit score.

So now that you know the, it depends, and sometimes scenarios, let me explain …

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How to NOT get denied to buy a Minnesota home when your debt-to-income ratio appears too high

Posted by on Aug 31, 2019 in home loan

It’s a common problem that I see for today’s first time home buyers.

If you aren’t selling with a lot of equity, you likely don’t have a lot saved for a down payment and will be financing most of the home purchase including the closing costs and maybe even one of the popular 100% home loan programs here for a Minnesota home.

We see it often where one person who wants to buy can only get pre-approved for a $100,000 …

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Your lower credit score likely is NOT stopping you from buying a Minnesota home today

Posted by on Aug 31, 2019 in home loan

When it comes to late 2019, home loans in Minnesota have some pretty easy qualifying these days.

Not only are there two popular 100% phone loan programs with little out of pocket, but the credit score requirements are pretty easy.

Let’s just say as your credit score goes up from 620 to 720 generally you will have more options for loans, maybe less down and lenders are quicker to approve the loans and you could probably save a little money …

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