Questions every first-time buyer actually has

As little as 3% on a conventional first-time buyer loan or 3.5% FHA — and 0% for eligible VA or USDA buyers. Minnesota down payment assistance can cover much of it: deferred loans up to $18,000, and up to $35,000 for eligible first-generation buyers (figures reviewed July 2026).

Many first-time buyer programs work from the 620s, and FHA offers flexibility below that for some borrowers. Score is one factor among income, debts, and history — a quick review tells you where you stand and, if needed, the fastest path up.

Pre-qualification is an unverified estimate based on what you report. Pre-approval means your income, assets, and credit were documented and reviewed. Listing agents treat them very differently — bring a pre-approval.

Usually 1-2 days once your documents are in. Gathering documents is the slow part; the checklist on this site gets it done in an evening.

Generally around 90 days before documents need refreshing — and refreshing is quick since your file already exists. Letters are also re-issued at each offer’s exact price so sellers never see your maximum.

Yes — that is the core of the practice. Homes are shown and offers are written on evenings and weekends, so payment quotes, updated letters, and offer questions get handled when they happen, not the next business day.

When your offer is submitted, Spencer personally calls the seller’s agent to confirm your financing is real and reviewed, answer questions, and provide a direct line for the whole transaction. Sellers are advised toward the offer most likely to close — a reachable, credible lender makes yours that offer.

You should absolutely have your own agent as a first-time buyer, and the choice is entirely yours. Spencer works with whichever licensed agent you choose and coordinates with them from day one.

Fees to complete the purchase — lender, appraisal, title, government recording, and prepaid taxes/insurance — commonly landing around 2-4% of the price. Seller credits, lender credits, and assistance programs can offset much of it. You get an itemized Loan Estimate early and a final Closing Disclosure at least three business days before closing.

Insurance that lets lenders approve loans under 20% down. On conventional loans it can be removed once you reach about 20% equity. It is a temporary tool that makes buying possible years sooner — often a fair trade.

It is real, state-run money. Minnesota Housing pairs its first mortgages with down payment loans — monthly, deferred, and forgivable versions — from $16,500 up to $35,000 depending on the program and eligibility (reviewed July 2026). The programs page explains each one.

Yes — Minnesota’s First-Generation Homebuyer Loan offers up to $35,000, forgivable over time, for eligible buyers whose parents never owned. There is a full guide on this site.

Yes — millions do every year. Lenders count your monthly payment, not your total balance, and income-driven plans often produce a low qualifying figure.

Nobody can time rates. If they fall, competition and prices typically rise; and you can refinance later if rates improve, but you cannot buy at today’s price later. Buy when the payment works for your life.

The honest answer comes from your full picture — income, debts, down payment, and programs. The calculator on this site gives a real estimate in two minutes; a pre-approval makes it official.

Roughly 30-45 days: earnest money and contract, inspection, appraisal, underwriting, clear-to-close, Closing Disclosure, final walkthrough, and closing. There is a step-by-step guide on this site, and Spencer sends weekly updates to you, your agent, and the listing side throughout.

Do not open new credit (cars, cards, furniture financing), close old accounts, change jobs without a heads-up, co-sign for anyone, or move large unexplained sums between accounts. Keep everything boring until you have keys.

Spencer is licensed in Minnesota (MN-MLO-1899035) and Wisconsin (1899035), based at Fairway’s Eden Prairie branch, and works with buyers across both states.

No. This site has no forms, no tracking pixels, no analytics, and collects nothing. All applications and documents run through Fairway Independent Mortgage Corporation’s official, secure systems, governed by Fairway’s corporate privacy policy.

Through Spencer’s official Fairway application link (on every page of this site), or start with a call or text to 507-261-1078 — evenings and weekends welcome.

Conventional, FHA, VA, USDA, jumbo, renovation, new construction, and more, alongside Minnesota Housing and WHEDA program loans. Part of the first conversation is matching the loan type to your situation.

No. Questions, pre-approval conversations, and program eligibility checks cost nothing and come with no obligation.