Minneapolis, MN: Being a first time home buyer can sound scary.  It really isn’t, and obviously millions of people have done it before you.  Here are the 7 simple steps to becoming a home owner.

1) Apply for Financing

Pick one of these options to start: (We lend in MN, WI, IA , ND, SD only)

• You can complete an online application right now on this web site, or your Smartphone. Just click the link to start.
• Call (651) 552-3681 to apply by phone or to schedule an appointment
• Schedule an appointment electronically via our automated scheduling software for an office appointment, phone, or virtual (Zoom) appointment.

2) Loan Review

Once we have your information, an experienced Loan Officer will review your application with you, determine what Minnesota first time home buyer programs you qualify for, if you qualify for down payment assistance, how much house you can afford, what your payments might look like, and how much money you may need for down payment and closing costs.

3) Submit Documents

Assuming your application review went well, you will need to provide your supporting documents for review. Typical documents are the last 30-days of pay stubs, last two years of W2’s (all jobs), and your last two months of bank statements (real statements, like they would mail to your home). If you are using down payment assistance, you may have additional document requirements.  Your Loan Officer will let you know the supporting documents needed. Common items are last 30-days of pay stubs, last two years W2’s, last two months bank statements.

4) Full Pre-Approval

After all your supporting documents have been reviewed, you will be given a Mortgage Loan Pre-Approval Letter that is needed by the Real Estate Agent to make any offer on a home. This letter tells the Real Estate Agents and sellers your financing looks good, and they can trust you can get a loan to buy the home.  If you are buying in the Twin Cities metro area, we can refer you a good Real Estate Agent too if you need one.

5) Find a House / Make an Offer

You can now talk to a Real Estate Agent to go over where you’d like to live, maximum purchase price, how many bedrooms, etc. The agent will help you find houses that match, then present offers and negotiate on your behalf.

6) Final Mortgage Loan Approval

Once you have an accepted offer on a home, everything will come back to your Cambria Mortgage Loan Officer, who will order an appraisal and a title search on the home, and get everything into Underwriting for a final review and approval.

7) Closing

Congratulations. You’ve applied for financing, found a home, made an offer, and been fully approved. The only thing left is the closing, where you will sign all your final loan paperwork, and be handed the keys to your own home! This generally happens between 30 – 60 days after signing your purchase agreement.

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