First-time buyers
Nobody is born knowing how to buy a house.
Every homeowner you know once had no idea what escrow was. This page is the judgment-free crash course — the myths, the money, and the actual steps between you and your keys.
Myth-busting
Six things everyone believes that just aren't true.
You need 20% down to buy a house.
The truth: You don't. Conventional loans start at 3% down, FHA at 3.5%, and VA and USDA loans can be $0 down. On top of that, Minnesota Housing down payment assistance can cover part or all of what you do need. 20% avoids PMI — it was never the price of admission.
You need perfect credit.
The truth: Conventional programs generally start around a 620 score, and FHA can go lower. Pricing improves as your score climbs, but "not perfect" and "not qualified" are very different things. Luke can also point you toward simple moves that raise your score before you apply.
You should wait for rates to drop.
The truth: Nobody can time rates — not Luke, not the news, not the internet. If rates fall later, refinancing is always on the table. If home prices rise while you wait, that equity is gone for good. The right time to buy is when it's right for your life and budget.
Getting pre-approved hurts your credit.
The truth: A mortgage pre-approval is a single hard inquiry — typically a few points, briefly. Credit bureaus also treat multiple mortgage inquiries within a short shopping window as one. The clarity you gain massively outweighs the ding.
Find the house first, then figure out the money.
The truth: Backwards, and it hurts every time. Sellers take offers with verified pre-approvals seriously; falling in love with a house you can't finance is heartbreak with extra steps. Money first, house second — it makes the fun part more fun.
Student loans mean you can't buy.
The truth: Student debt factors into your debt-to-income ratio, but it's rarely a disqualifier by itself. Millions of buyers close with student loans every year. What matters is the whole picture — which is exactly what a 10-minute conversation with Luke sorts out.
The path
Six steps from "someday" to keys.
01
The conversation
Text Luke. Tell him where you are — saving, curious, or ready. No prep needed, no documents, no commitment. This step is free and always will be.
02
Pre-approval
When you're ready, Luke gets you a verified pre-approval through Fairway's secure application. You'll know your real budget — not a guess.
03
Nail the budget
Pre-approved for $400k doesn't mean spending $400k. Luke helps you find the monthly payment that fits your life, then works backward to the price.
04
Go shopping
House-hunt with your agent, with confidence. When you find the one, your offer carries the weight of a verified pre-approval behind it.
05
Under contract
Offer accepted! Luke and the Fairway team handle processing, appraisal, and underwriting — and keep you updated at every milestone.
06
Clear to close
The magic words. Final numbers, final signatures, and keys in your hand. Congratulations — you bought a house.
Down payment help
Minnesota will literally help you pay for this.
Minnesota Housing — the state's housing agency — offers down payment and closing-cost assistance that pairs with FHA, VA, USDA and conventional loans. Some versions defer repayment until you sell or refinance. Wisconsin and Ohio buyers have state programs too — ask Luke what applies where you're shopping.
How DPA works →Backed by a proven branch
One loan officer. A whole team behind him.
Luke works out of Fairway's Eden Prairie, MN branch — a full-service branch with experienced processors, established underwriting relationships, and program specialists behind every file he touches. You get one point of contact and a full team's worth of horsepower.
Money questions
The stuff everyone wonders and nobody asks.
How much money do I actually need to buy my first home?
Typically: your down payment (as low as 0–3.5% of the price), closing costs (roughly 2–4%), and some reserves. Down payment assistance through Minnesota Housing can cover part of it for eligible buyers. Luke can give you a real number for your scenario in one conversation.
What credit score do I need?
Conventional loans generally start around 620; FHA can work below that. Higher scores improve pricing. If your score needs work, Luke can point out the fastest fixes before you apply.
What is PMI and do I have to pay it?
Private mortgage insurance applies to conventional loans with less than 20% down. It's a monthly cost that protects the lender — and it drops off once you reach enough equity. Sometimes taking PMI now beats waiting years to save 20%.
How long does buying a house take?
From accepted offer to keys is typically 30–45 days. The house hunt before that is up to you — some buyers find the one in a week, some take a year. Pre-approval is what lets you move fast when it happens.
Is down payment assistance real, or a scam?
Completely real. Minnesota Housing is a state agency offering deferred and low-payment loans that cover down payment and closing costs for eligible buyers. It goes unused every year mostly because buyers don't know it exists.
Your first text is the first step.
You don't need to be ready. You don't need documents. You just need to say hi — Luke takes it from there.