First-time buyer hub
Nobody is born knowing
how to buy a house
Not your parents, not your friends who bought last year, not the people on the internet with strong opinions. Everyone learned it once. Here's the honest version — myths busted, steps mapped, money help included.
Myth-busting, first
Six things "everyone knows" that are wrong
You need 20% down to buy a house
The truth: This is the single most expensive myth in home buying. Conventional loans start at 3% down for first-time buyers, FHA at 3.5%, and VA and USDA at $0. The 20% figure only determines whether you pay PMI — and PMI is usually far cheaper than years of rent while you save.
You need perfect credit
The truth: Conventional programs generally start around 620, FHA can go lower, and pricing improves as your score rises. If your score needs work, Luke can point out exactly which changes move it fastest — sometimes it's a 60-day fix, not a 5-year one.
You should wait for rates to drop
The truth: Nobody can time rates — not lenders, not economists, not the internet. What you can control: buying a home you can afford at today's numbers, and refinancing if rates genuinely improve later. Meanwhile, rent has a 100% interest rate.
Getting pre-approved hurts your credit
The truth: A mortgage pre-approval is a single inquiry with a small, temporary effect — typically a few points. Credit bureaus also treat multiple mortgage inquiries within a shopping window as one. The insight it buys you is worth vastly more.
Find the house first, then figure out financing
The truth: Backwards, and it costs buyers their dream house every week. In a competitive market, sellers take offers with pre-approval letters seriously and pass on the rest. The financing conversation is step one — it's also the shortest step.
Student loans mean you can’t buy
The truth: Student debt factors into your debt-to-income ratio, but it's rarely disqualifying by itself. Underwriting looks at the monthly payment, not the scary total balance — and income-driven plans often count at their actual (lower) payment.
The path
First conversation → keys, in six steps
- 1
The conversation
Text Luke. Tell him where you are — even if that's "we have no idea what we're doing." Fifteen minutes later you'll know your rough buying power and what to do next. Cost: $0. Obligation: none.
- 2
Pre-approval
When you're ready, you apply through Fairway's secure system. Luke verifies income, assets, and credit, and issues a pre-approval letter — the document that makes sellers take your offer seriously.
- 3
Set the real budget
Approved-for and comfortable-with are different numbers. Luke shows you the full monthly payment at different price points — taxes, insurance, PMI included — so you shop with a number you actually like.
- 4
Shop with confidence
You and your agent tour homes knowing exactly what works. Find one you love? Luke can update your pre-approval letter to match your offer price, often same-day.
- 5
Under contract
Offer accepted! Now the loan machine runs: appraisal ordered, documents processed, underwriting review. Luke flags every milestone so you always know where things stand.
- 6
Clear to close
The magic words. Final numbers confirmed, closing scheduled, and you show up to sign. You leave with keys; Luke stays your mortgage person for life — questions are always free.
Free money* (*sort of — ask Luke)
Minnesota down payment assistance is real
Minnesota Housing programs can put thousands toward your down payment and closing costs — as deferred loans that many buyers never make a payment on until they sell. Most people who qualify never claim it, because nobody told them it exists. Consider yourself told.
How DPA works →Money questions, answered
First-time buyer FAQ
How much money do I actually need to buy my first home?
Less than most people think. Between low-down-payment programs (3–3.5% down) and Minnesota Housing down payment assistance that can cover both down payment and closing costs, some qualified first-time buyers get in with very little out of pocket. The real answer depends on your price range and programs — which is a quick conversation with Luke.
What credit score do I need for my first mortgage?
Conventional loans generally start around 620; FHA can approve lower. Above roughly 740, you're getting the best conventional pricing. If you're below the line today, Luke can tell you exactly what would move your score — often it's more fixable than you fear.
What is down payment assistance and do I qualify?
Minnesota Housing offers loans that cover down payment and closing costs for eligible buyers — some deferred with no monthly payment until you sell or refinance. Qualification depends on income limits, purchase price limits, and homebuyer education. Luke pairs these programs with your first mortgage routinely.
How long does buying a first home take?
From accepted offer to keys is typically 30–45 days. The full journey — first conversation to closing — depends entirely on how long you shop. Getting pre-approved early costs nothing and starts no clocks; it just means you're ready when the right house shows up.
Should I pay off all my debt before buying?
Not necessarily — and sometimes it's the wrong move if it drains the savings you need for a down payment. What matters is your debt-to-income ratio and credit profile as a whole. Luke can run the math both ways and show you which path gets you into a home sooner.
Ready to not know things at someone?
That's the whole service. Text Luke where you're starting from — even if it's zero — and get a real plan back.