It is a great time to be a first time home buyer, but some of the rules have changed. Mortgage interest rates in MN are still amazing, and home prices are super affordable. New mortgage lender and broker rules are making it a little harder to qualify for a home loan, and your costs are going up a little, but don’t let that hold you back. First time home buyers, it’s safe to come out now!
- Plan on a down payment. The bigger the better
- Plan on living in the home 5-years
- Be prepared for competition on homes – Don’t be so picky
- Get Pre-Approved with a Qualified (and licensed) Mortgage Loan Officer