Starting in 2025, new credit scoring models will be used by lenders to determine the creditworthiness of potential homebuyers. Fannie Mae and Freddie Mac will mandate the adoption of the new FICO Score 10T and VantageScore 4.0 by the end of the year. For those interested in buying a home,…
Tag: First time home buyer Minneapolis
Maximizing the Twin Cities Home Buying Experience: Navigating Expectations and Strategies for Success
Embarking on the journey of purchasing a new home in the Twin Cities is an exhilarating experience, particularly for first-time buyers. However, as time progresses, the process can become disheartening when each potential home fails to meet expectations. While maintaining a realistic outlook on available options and affordability is crucial,…
Essential Private Home Inspection Points for Minnesota Homebuyers to Consider
A private home inspection is an elected contingency for homebuyers during the escrow period. The goal of a private home inspection is to uncover issues that are either hazardous, potentially expensive repairs, or other challenges the new buyer may not expect. The inspection cost varies pertaining to the home’s square…
Understanding FHA Mortgages: A Comprehensive Overview
Buying a home can feel overwhelming, especially when it comes to figuring out the best mortgage for you. One popular option for first-time buyers is an FHA loan. This article will explain FHA loans in simple terms, using information from trusted sources like the U.S. Department of Housing and Urban…
2024 Introduces Updated Home Loan Limits
In the face of escalating home prices, consumers are finding relief through recent announcements by the Federal Housing Administration, the regulatory authority for loan limits in conforming and government-guaranteed loan programs. Home loans are broadly classified into government-guaranteed, conforming, and jumbo lending products, with jumbo loans catering to larger amounts…
Navigating the Divide Between Real and Personal Property in MN Real Estate
In the realm of real estate transactions, the distinction between “real” and “personal” property is a frequent source of misunderstandings when buying or selling a home. Nationwide, real estate agents often find themselves in the role of referees, mediating situations fueled by these misconceptions. Such misunderstandings can escalate tension and,…