01First-time buyers
No. It is the most common first text Shane gets, and the best place to begin. This page is the map: what is true, what is a myth, and what happens in what order.
Six myths, busted
The 20% rule, the perfect-credit rule, the wait-for-rates rule — almost all of it comes from a different decade or a different buyer. Tap each one.
Shane · Branch Sales Manager · Loan OfficerYou need 20% down.
The truth: You need as little as 3% on a conventional loan, 3.5% on FHA, and $0 on VA or USDA. Twenty percent just means no mortgage insurance — a different thing entirely.
You need perfect credit.
The truth: Conventional programs generally start around 620 and FHA goes lower. If your score is not where you want it, the answer is a plan, not a "no."
You should wait for rates to drop.
The truth: Nobody can time rates — Shane included. You can refinance a rate later; you can never go back and buy at today's price. Decide on whether the payment fits, not on a forecast.
Getting pre-approved hurts your credit.
The truth: One hard inquiry, typically a few points, temporarily. Not knowing your numbers before you fall in love with a house costs far more.
Find the house first, then figure out the loan.
The truth: Backwards. Pre-approval first tells you what you can afford, makes your offer real, and surfaces surprises while there is still time to fix them.
Student loans mean you can't buy.
The truth: Student debt counts in your debt-to-income ratio, but plenty of buyers with student loans qualify. How the payment is calculated varies by program — which is exactly what Shane sorts out.
The six-step path
Every buyer walks the same road. Knowing the order is most of the calm.
The full process, phase by phase →A ten-minute conversation
Text Shane. Goals, timeline, budget comfort zone. No documents, no pressure, no forms on this site.
Pre-approval
Upload a few documents to Fairway's secure portal. Shane reviews income, assets and credit and issues a letter — usually within a day or two.
A real budget
Not the max you are approved for — the payment you would be comfortable with. Taxes, insurance, HOA and assistance all included.
Shop with your agent
Tour homes with a pre-approval in hand. Text Shane any address for a payment estimate in minutes.
Offer day
Updated numbers, a letter matched to your offer, and a call to the listing agent. Then inspection, appraisal and underwriting — Shane narrates every milestone.
Clear to close → keys
Closing Disclosure three days ahead, a safe wire, a final walkthrough, an hour of signatures, and the keys are yours.
Shane · Branch Sales Manager · Loan OfficerDown payment assistance
WHEDA pairs a WHEDA first mortgage with Easy Close Advantage or Capital Access Advantage second mortgages for down payment and closing costs in Wisconsin. Minnesota Housing offers deferred and monthly-payment loans paired with a Minnesota Housing first mortgage. Some cities and nonprofits layer smaller programs on top. Income and purchase-price limits vary by county, and the programs stack with FHA, VA, USDA and conventional loans.
Buying in Wisconsin → Eau Claire → The Chippewa Valley → Minnesota → The Twin Cities →
Money questions
How much do I need for a down payment?
As little as 3% on conventional loans for qualified first-time buyers, 3.5% on FHA, and $0 on VA or USDA loans for eligible buyers. Down payment assistance from WHEDA (Wisconsin) or Minnesota Housing may cover some or all of it for eligible households.
What credit score do I need to buy a house?
Conventional programs generally start around 620. FHA guidelines allow lower scores with 3.5% down. If your score is not where you want it, Shane can map out what moves it and when buying makes sense.
What will my monthly payment be?
Use the calculator on this site for an instant estimate including principal, interest, taxes, insurance and mortgage insurance. Then text Shane the address and price for numbers specific to that home and your scenario.
What are closing costs?
Fees to finalize the loan and transfer the home — typically roughly 2–4% of the purchase price. They can sometimes be covered partly by seller credits or lender credits, within program limits.
Can my family help with the down payment?
Yes. Gift funds from family are allowed on conventional, FHA, VA and USDA loans with a gift letter and a documented transfer.
Can I buy a house on one income?
Yes. Single buyers and one-income households qualify every day. Lenders look at your debt-to-income ratio, not the number of names on the application, and programs like FHA, USDA and state down payment assistance are built for buyers who qualify on income but are short on savings. Shane built his team around buyers in exactly this spot.
More on the full FAQ and in the plain-English glossary.
Start here
After that it's just a conversation. Text Shane what you're wondering — tonight is fine.
Applications happen on Fairway's secure site — never here.