What are the Requirements to Buy a House In Minnesota?
Buying your first house in Minnesota? CONGRATS! We wish we could make this blog as simple as a one-size-fits-all checklist, but everyone’s first time buying a home is unique.
That being said, we can provide some general tips and requirements to aim for when you buy a house in Minnesota.
What are some high level tips and requirements to buy a house?
Be patient. Whether or not you’re a believer of “what’s meant to be, will be,” patience is not only a virtue, it’s a requirement. Most people don’t decide to buy a home at the drop of a hat, and when you finally do choose one to go forward with, it can be a long process. This investment is too big to make a rash decision, so be patient.
Do your homework and work with professionals. You’re already doing half of this tip: you’re doing your homework! It’s a big task to try and know everything there is to know about the requirements to buy a house in Minnesota, so learning what you can and working with professionals you can trust will help you make the best home buying decision you can.
Maintain a good credit score, and always be saving up. Yes, there are very broad things to say but they’re important. Even when you’re not hunting for homes, it’s good to always be saving and maintaining a healthy credit score. This way, when you do come across the perfect first-time home in Minnesota that you want to buy, you’ll be prepared!
What credit score do you need to buy a house in Minnesota?
The minimum credit score requirements to buy a house in Minnesota vary depending on the type of loan you are applying for. A conventional loan, for example, required a minimum credit score of 620. A good rule of thumb can be to aim for at least having a credit score of 620 before really taking your Minnesota home hunt seriously. Once you have a score of 620, the homebuying purchase and getting a loan will be much easier.
How much do you need to put down on a house in MN?
Again, how much you need to put down on a MN house varies on the loan you choose to go with, and the terms of your mortgage. It was once a common standard that you were required to put at least 20% of the purchase price down, which can seem impossible. Turns out with certain loans and criteria, you will actually be fine with putting down as little as 3%!
Sometimes homebuyers are able to buy a home with a smaller down payment if they have high credit stores. Some homebuyers are okay with getting to put less down but having to pay monthly private mortgage insurance. Like most things in the MN first-time home buying experience, the results will vary.
How do I become a first-time home buyer in MN?
You work with Ted Bougie, of course! Ted Bougie and the Best Advantage Mortgage team of loan officers can help you choose the best loan for you, and be there for you the whole way through the process. Our team of experts will ensure you have all the tools you need when applying for mortgage loans on your first MN home. Contact us today to learn more!