Concluding the Home Qualifying Series, prioritize location, budget, and property condition with a pre-approval letter in hand. The buy-or-rent decision balances equity and lifestyle. Explore "house hacking" strategies for income potential, guided by expert advice for a smooth transition to homeownership.

In the third part of the Home Qualifying Series, the focus shifts to crafting an ideal home transaction. Delving into considerations such as property type (primary, secondary, or investment), dwelling preferences (single-family, multi-family, or condo/townhome), and loan terms (30, 25, 20, 15, or 10 years), the article guides readers through the complexities of monthly payments and interest rates. A pivotal step involves upfront underwriting, streamlining the mortgage process and enabling a swift 8-day closing termed as Falcon Fast Closing. The piece emphasizes securing favorable interest rates, breaks down monthly payment components, and advocates for shorter loan terms to minimize overall interest paid.

In the second installment of our Home Qualifying Series, we explore the key steps to secure pre-approval for a mortgage. From the credit application to providing essential documents, such as paystubs and tax returns, the pre-approval process sets the stage for homeownership. Credit scores, debt-to-income ratios, and down payment options are demystified, offering insights into the financial considerations of buying a home. The article also covers closing costs, home inspections, and the importance of maintaining an emergency fund. To maximize qualification and success, consulting with mortgage professionals is advised for a comprehensive review of individual credentials.

What are 5 things to do before buying a home? Seek guidance, know your credit, go for the raise you deserve, Check your bank account, assess your overall financial health.

Condo Financing - Providing amenities, services, walkability, and location. Great for first time home buyers with options for FHA Spot Approvals. Trust Supreme Lending’s Top Notch Condo team to assist with your condo purchase today!

Credit is a very important tool to buy a home. Learn more how to build credit here

Build your new home with the construction programs we have to offer. We offer one time closes with low down payment options.

USDA loans are rural development loans that incentives home owners that want to live outside of the city.

FHA Loans are loans guaranteed by the government which allows for lower credit scores and lower down payment opportunities.

VA Loans are only for eligible veterans that receive incentives for their service. 0% down payment options and No Monthly Mortgage Insurance.

Refinancing allows you to lower your interest rates, consolidate debt, take equity out from your home for projects, and lowering your payments.

Conventional Loans are insured by Fannie Mae and Freddie Mac which allows eligible borrowers competitive mortgage options for buying a home.

Mortgage Insurance allows for low down payments. It’s required on all loans without a 20% down payment.

Utilize a renovation loan to do the home project you’ve been planning. With Supreme Lending’s renovation team we will make it easier than ever to help you finance the project.

Minnesota Housing Financial Administration offers Down Payment Assistance programs with as low as a $1,000 down payment.