The first-time buyer hub
First house? You've got this.
Nobody is born knowing how mortgages work — you learn it once, right when you need it. This page is the whole playbook: the myths that hold people back, the actual steps, and the Minnesota programs that make it cheaper than you think.
Myth-busting
Six myths that keep renters renting
Each of these has talked someone out of a home they could have afforded. Let's fix that.
You need 20% down to buy a house.
The truth: The most persistent myth in real estate. Conventional loans start at 3% down for first-time buyers, FHA at 3.5%, and VA and USDA loans can be $0 down. Minnesota's down payment assistance programs can help cover even those amounts. Twenty percent avoids PMI — it was never the price of admission.
You need perfect credit.
The truth: FHA guidelines allow scores as low as 580, and plenty of buyers qualify conventionally in the mid-600s. Your score affects pricing, not just approval — and Alexis can often map out score improvements that pay for themselves in a lower rate.
You should wait for rates to drop.
The truth: Nobody — truly nobody — can time rates. If rates fall later, you can refinance. If they rise, you locked in a better deal and a lower purchase price than the competition-fueled market that rate drops usually create. Buy when your life and budget are ready.
Getting pre-approved hurts your credit.
The truth: A mortgage credit pull is a few points, briefly — and credit models count multiple mortgage inquiries inside a shopping window as one. The knowledge you gain (your real budget, your real rate) is worth vastly more than the temporary dip.
Find the house first, then figure out financing.
The truth: Backwards, and it costs people their dream homes. In a competitive market, listing agents take offers with solid pre-approvals seriously and set aside the rest. Financing first means you shop your actual budget and can offer the moment you find it.
Student loans mean you can’t buy.
The truth: Student debt is factored into your debt-to-income ratio, but it's rarely disqualifying by itself. Underwriting rules around income-driven repayment plans are friendlier than most people assume. Bring your numbers to Alexis and get a real answer instead of a guess.
The path
Six steps from "someday" to keys
- 1
The conversation
Fifteen minutes with Alexis — where you are, what you earn, what you owe, what you want. No documents needed yet.
- 2
Pre-approval
You share documents through Fairway’s secure system, Alexis verifies your numbers, and you get a real pre-approval letter with a real budget.
- 3
Know your budget
Not just what you can borrow — what you should. Alexis maps the monthly payment across price points so you shop with your eyes open.
- 4
Shop
You house-hunt with your agent; Alexis stays a text away for same-day payment math on any listing that catches your eye.
- 5
Under contract
Offer accepted! Alexis locks your rate, orders the appraisal, and drives the file through processing with weekly updates.
- 6
Clear to close
Underwriting signs off, you get final numbers days in advance, and you show up to closing to sign and get keys. 🎉
Minnesota's best-kept advantage
Down payment assistance is real — and normal
Minnesota Housing's Start Up program (and others like it) can lend qualified first-time buyers thousands toward the down payment and closing costs — often as a deferred loan with no monthly payment until you sell or refinance. Thousands of Minnesotans use these programs every year. There's no catch; there are just income limits and paperwork, and the paperwork is Alexis's job.
How DPA works in Minnesota →Trusted in the Twin Cities
Super Mortgage Professional
An honor compiled annually by Twin Cities Business & Mpls.St.Paul Magazine from independent client-satisfaction surveys of recent homebuyers. Client-satisfaction honor representing less than the top 2% of Twin Cities mortgage professionals — no one pays to be on the list.
Money questions, answered
First-time buyer FAQ
How much money do I actually need to buy a first home in Minnesota?
Plan for a down payment (as low as 0–3.5% of price depending on the program), closing costs (typically 2–3%), and a small cushion. On a $300,000 home, some buyers get in the door with under $10,000 total when down payment assistance is involved. Alexis can map your exact number in one conversation.
What credit score do I need?
FHA guidelines allow 580+, conventional typically 620+, and pricing improves as scores rise. If your score needs work, ask anyway — the fastest way to a better score is knowing exactly which levers matter for mortgage credit.
What is down payment assistance and do I qualify?
Minnesota Housing offers loans that help cover your down payment and closing costs, often deferred with no monthly payment. Qualification depends on income, location, and first-time buyer status. Alexis works with these programs regularly and can check your eligibility quickly.
How long does it take to buy a house start to finish?
Pre-approval can be done in a day or two. House hunting is up to you — weeks or months. Once you’re under contract, closing typically takes about 30 days. Total: many first-time buyers go from first call to keys in 2–4 months.
Should I talk to a lender or a real estate agent first?
Lender first — gently, agents agree. Your pre-approval defines your search, makes your offers credible, and takes five minutes to start. Alexis can also connect you with great local agents if you don’t have one yet.
Ready for step one? It's just a conversation.
Fifteen minutes, zero documents, zero pressure. Tell Alexis where you're starting from and she'll show you the way to keys.