Your Homebuyer Guide
Your complete guide to navigating the home buying journey with confidence. From application to closing, we'll walk you through every step.
Application Checklist
Two most recent pay stubs
Two most recent W2's
Two most recent and complete bank statements
Additional documentation for self-employment, retirement, or non-traditional income
The Road to Homeownership
01
Get Pre-Approved
A pre-approval gives you an advantage over other buyers, showing you're serious and ready to move forward.
02
Find a Home
Work with your agent to determine wants and needs. Start searching 3-6 months before you intend to buy.
03
Make an Offer
Negotiate price with your agent, schedule a home inspection, and submit earnest money.
What Your Agent Can Help You Evaluate
Cosmetic vs. Structural
Understanding the difference between easy fixes and serious issues
Neighborhood Quality
Crime rates, school quality, and property taxes
Location Benefits
Proximity to major interstates and public transportation
From Application to Keys
1
Terms, Locks & Disclosure Updates
We'll meet to finalize your application, loan terms, rate lock, and next steps.
2
Underwriting & Appraisal
We verify your information, assess credit and collateral, and order an appraisal. Initial review within 48 hours, conditions cleared within 2 days.
3
Closing
Time to celebrate! After paperwork is signed, you'll receive the keys to your new home.
Do's and Don'ts
We're in this together. Help make your home-buying process smooth by following these guidelines.
DO:
  • Get pre-approved for a strong offer
  • Be thorough and honest on your application
  • Pay rent, mortgage, loans, and credit cards on time
  • Keep your current job and income
  • Have important documents handy
DON'T:
  • Make major purchases (furniture, cars, boats)
  • Apply for new credit or close existing accounts
  • Make large cash deposits beyond your paycheck
  • Spend down payment or closing cost money
  • Plan vacations during your loan process
Understanding Closing Costs

Cash to Close = Down Payment + Closing Costs – Earnest Money – Credits – Grants/Assistance
Down Payment
Your upfront contribution toward the home price, often discussed as a percentage.
Closing Costs
Lender and title fees, prepaid interest, and escrow account setup.
Escrow/Prepays
Two-month cushion for property taxes and insurance, plus 1 year of insurance at closing.
Earnest Money
Good faith deposit applied as a credit to your final amount due.
Loan Programs Overview
FHA
3.5% minimum down, credit scores down to 500, 10-30 year terms available.
VA
No down payment or mortgage insurance, no minimum credit score, funding fee waived for disabled veterans.
Conventional
Down payment as low as 3%, 620 minimum credit score, 10-30 year terms.
USDA Rural Development
No down payment required, 30-year fixed rate, must meet property and income requirements.
We also offer CCM custom products including Bye-Bye PMI (15% down without PMI) and CCM Smart Start (we cover 2% down up to $5,250).
Ready to Start Your Journey?
🏡 William Karpeh, REALTOR® ABR, C2EX, AHWD
📞 Call/Text: 651-304-4832 🏢 Office MN: 763-463-7500 | Office IA: 319-423-4139 ✉️ Email: [email protected]
🌐 Website: williamkarpeh.kw.com
C10402 73rd Ave N,
Maple Grove, MN 55369
Licenses: MN #40784714 | IA #F05894000
Equal Housing Opportunity
💡 Whether it’s your first home, a move-up, or an investment, I provide guidance every step of the way. Let’s make your next move simple and smart!
Made with