Minnesota Mortgage FAQ — Common Home Loan Questions Answered

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 Answer: A mortgage broker like Steve Leesley  works with multiple lenders to find loan options that fit your situation. Unlike a bank that can only offer their own products. Steve shops dozens of options on your behalf, handles the paperwork, and guides you from pre-approval to closing. 

 Answer: Getting pre-approved with Steve takes just a few minutes. Fill out the short application at mnloanpro.com, and I will call you to review your options.  Pre-approvals are typically processed quickly, subject to receipt of required documentation 

 Answer: It depends on the loan type. FHA loans allow scores as low as 580. Conventional loans typically require 620 or higher. VA loans have no minimum set by the government, though lenders may require 580–620. Steve can review your full picture and find the best path for your score. 

 Answer: FHA loans are government-backed with lower down payment requirements (as low as 3.5%) and are great for first-time buyers. VA loans are for eligible veterans and active military — often requiring no down payment. Conventional loans are not government-backed and typically require stronger credit but offer more flexibility on property types. 

 Answer: Down payment requirements vary by loan type. VA and USDA loans can require zero down. FHA loans require as little as 3.5%. Conventional loans start at 3% for qualified buyers. Steve can also walk you through down payment assistance programs available in Minnesota. 

 Answer:  Most purchases close in 30–45 days from accepted offer, though timelines vary depending on loan type and circumstances  Steve works to keep the process moving quickly and communicates with you every step of the way so there are no surprises at the closing table.

 Answer: Yes. Self-employed borrowers can qualify using two years of tax returns, bank statements, or other documentation. Steve has helped many self-employed clients in the Twin Cities navigate the mortgage process successfully. 

 Answer: Steve serves homebuyers and homeowners across the Twin Cities metro including Minnetonka, Minneapolis, Eden Prairie, Plymouth, Wayzata, Edina, Maple Grove, and surrounding communities. He is licensed throughout Minnesota and available 24/7 by call or text at 612-414-3609. 

  Answer: Refinancing makes sense when you can lower your rate, reduce your monthly payment, shorten your loan term, or access equity for home improvements. I can run a free analysis to show whether refinancing makes financial sense for your specific situation. Call or text anytime at 612-414-3609.

 Answer:  Steve Leesley has 20+ years of mortgage experience, 87 five-star Google reviews, and is available 24/7 — something no big bank can match. As an independent broker, he shops multiple lenders to find options that fit your situation, rather than being limited to one bank's products. His clients consistently describe the process as smooth, fast, and stress-free.