Minnesota first-time homebuyer loan programs To qualify, borrowers must be a first-time homebuyer, defined as someone who hasn’t owned a home in the past three years. The Start Up conventional loan requires just 3 percent down; however, you’ll also be required to pay private mortgage insurance (PMI).

The Mortgage Credit Certificate Program lets first-time homebuyers claim a percentage of the mortgage interest paid each year as a federal income tax credit, providing up to $2,000 per year in tax savings. Combine with a Minnesota Housing mortgage and a downpayment and closing cost loan up to $12,000.

620 How much credit do you need to buy a house in Minnesota? If you’re applying for a conventional loan, you may be able to qualify with a credit score as low as 620. However, the best mortgage rates are reserved for borrowers with higher credit — 740 and above. If your credit is lower, you may want to explore FHA loans.

7-10 days On average, it takes 7-10 days to get a pre-approval, although in some cases it may take less time. To speed up the home loan pre-approval time, you should gather your financial documents that the lender will require (e.g., W2s, proof of income, tax returns, etc.).

7 Key Things to Look for When Buying a House Roof Condition. … Reliable HVAC. … Plumbing Issues. … Water Damage and Mold. … Noise Level. … A Good Foundation and Home Exterior. … Outlets and Appliances That Actually Work.

Here are a handful of red flags that an inspector may find that you should be on the lookout for. Roof. A leaky roof is a huge red flag during the home inspection. … Plumbing. … Electrical. … Exterior. … Safety issues. … Foundation.

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