Doug: Hi. This is Doug Hoover with Counselor Realty of Bemidji and the Doug and Melissa Hoover Group. Today I’m here at First National Bank Bemidji, and I’m here with Joanne Daniels, a Retail Lender.
Joanne, what is the minimum credit score you guys would consider?
Joanne: In today’s market, all of our loans are tiered somehow to credit scores. With the first-time homebuyer program, Minnesota Housing Rural Development, the lowest score that they will consider is 640.
You’re going to find with conventional loans you’re probably going to want to be a bit higher than that and obviously the higher your credit score, the better rate… interest rate that you’re going to be receiving.
Doug: Okay, thank you Joanne. Once again, this is Doug Hoover with Counselor Realty of Bemidji and I’m at First National Bank Bemidji. Stay tuned for future Lender Spotlights!
Doug: Hi. This is Doug Hoover with Counselor Realty of Bemidji, and the Doug and Melissa Hoover Group. Today I’m at First National Bank of Bemidji, and I’m here with Joanne Daniels, a Retail Lender.
Hi, Joanne. Can you explain the pre-approval process and pre-approval letters?
Joanne: Yes! What we like to see and what realtors like to see is people coming in and getting pre-approved. So what we like to have customers bring to us is two years of W2’s, last two pay stubs, bank statements, and then we will review credit with that.
Then we can give them a very good idea — based on their particular situation — where they would be comfortable in buying a home.
Doug: Thank you, Joanne. Once again, this is Doug Hoover with Counselor Realty of Bemidji and I’m at First National Bank of Bemidji. Stay tuned for future Lender Spotlights.