Mortgage Programs and Information for Waconia First-Time Homebuyers
First-time home buyers who want to live in the Waconia community have several home financing options with Minnesota Bank & Trust. Because of our dedication to the community and our commitment to helping homebuyers make informed, responsible decisions, selecting Minnesota Bank & Trust as you home financing partner is an excellent first step toward ensuring that the home financing process is a smooth and pleasant one.
With a wealth of knowledge and a variety of mortgage loan programs for first-time homebuyers to choose from, our Mortgage Lending Team offers expertise and flexibility to homebuyers at lower fees and a higher level of personal service than many other mortgage providers.
Learn more about getting approved for a mortgage below, and contact your Minnesota Bank & Trust Personal Mortgage Banker today for more information and a free, no obligation mortgage consultation.
General Mortgage Approval Information
Many of our first-time homebuyers have general questions about the mortgage process and the information needed to approve a mortgage loan. Although a Personal Mortgage Banker can provide more detailed information about your specific situation, the following items are typically included in a mortgage loan package for review and approval by an underwriter. In general, supporting documentation will usually be required to verify information regarding the following:
The value, marketability and condition of the property you are financing (determined by review of a home appraisal).
Your ability and capacity to repay your new mortgage (determined in part by job stability and gross income in relation to your existing and new expenses – also known as your debt-to-income ratio and housing ratio).
A stable history of employment in the same line of work or within the same field is considered ideal, but is not always a strict black-and-white requirement. (Ask your Personal Mortgage Banker for more details and program guidelines.)
Different loan programs have varying requirements with regard to credit. Your Personal Mortgage Banker will explain the minimum credit requirements of the loan program you select and/or help you find the best program for your credit profile. An underwriter will later review your credit to ensure it meets the program’s minimum requirements.
The amount of debt you have affects your ability to repay the loan. As with credit history, different loan programs have different guidelines regarding the maximum acceptable amount of debt. Your Personal Mortgage Banker will explain the requirements of various mortgage programs to you and help you find the best fit for your individual situation.
All assets and funds used to qualify for your loan must be verified, but the source of funds to close is of particular importance. An underwriter will look for a clear trail of where those funds came from and will scrutinize any large deposits (indicating a loan or other unacceptable assets). For this reason, it is not wise to move money around or make large deposits after your application without first consulting your Personal Mortgage Banker to explain the changes.