So that takes into consideration all the borrowers on the application, so that's going to be a limiting factor," said Day.Īnother concern borrowers should consider is owing more than their homes are worth. "In Hennepin County, it's around $94,000. And you can't make more than 80% of the median income in the area where you're buying. You must have a credit score of 620 or higher. "They're looking at getting gifts from their parents, they might be looking at taking a loan out from their 401K, or maybe they're putting off purchasing for a few months so they can save up those funds - $4,000 just gets them that much closer," said Day.īut not everyone qualifies. Day says local homebuyers who can't afford a down payment that large are asking about the 1% option, among other things.
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