Home Buying in Champlin>Question Details

Courtney Sar…, Renter in 55316

What are the minimum requirements to buy a home? I am looking to rent but wondering if buying would be a better option.

Asked by Courtney Sargent, 55316 Sun Jan 19, 2014

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Like others have said, the minimum requirements really depend on what type of financing you choose to pursue. A knowledgeable lender will be able to direct you towards the best possible program for you and get you as much assistance as possible. I currently work with 2 loan officers who are EXCELLENT at what they do and are well versed in programs to assist first time buyers and they can work with a variety of cases, they haven't let me down yet. If you want to contact me directly I can get you their information and you can talk to them 1 on 1.
0 votes Thank Flag Link Wed Mar 26, 2014
That question really depends on the loan program and bank. I found this article very helpful. http://va-loan-specialist.com/content/how-much-down-payment
0 votes Thank Flag Link Fri Feb 7, 2014
Courtney, there are special programs in place for veterans and purchases in rural developments that do not require any money down. However if you're going to go with FHA financing, you'll need to put down 3.5%, and 5% for a conventional loan. There is also additional closing costs associated with buying a home, but in some cases a good Realtor will be able to negotiate on your behalf to get the seller to pay for your closing costs. It is very important to work with a buyer's agent, and you should contact a local lender for preapproval. Often times if you can afford to rent, you'll be able to qualify to buy a home of your own!

-Brandon Doyle
http://www.doylerealestateteam.com
0 votes Thank Flag Link Fri Feb 7, 2014
Every situation is different, but typically you will need at least $1,000 for a down payment and usually a 580 or better credit score. Income and debt are also taken into consideration. All that being said the mortgage industry is constantly changing so it will be in your best interest to speak directly with a mortgage professional who can discuss your specific situation and help you figure out if home ownership is an option and if not how it can be soon. If you would like me to connect you with one, please don't hesitate to ask.
0 votes Thank Flag Link Sun Jan 19, 2014
Every situation is different, but typically you will need at least $1,000 for a down payment and usually a 580 or better credit score. Income and debt are also taken into consideration. All that being said the mortgage industry is constantly changing so it will be in your best interest to speak directly with a mortgage professional who can discuss your specific situation and help you figure out if home ownership is an option and if not how it can be soon. If you would like me to connect you with one, please don't hesitate to ask.
0 votes Thank Flag Link Sun Jan 19, 2014
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