First Minnesota Bank has a full service mortgage department offering a variety of mortgage loan options to meet your needs. Whether you're looking to buy a home along Lake Minnetonka or buying an acreage in McLeod County, we can sit down with you and walk you through the options and what you need to know before you buy.
If you're unsure which option may be best for you, contact one of our mortgage lenders. Our lenders are experienced and knowledgeable about different loan types and the programs available for prospective home buyers.
A construction loan is a great way to help build your dream home. These loans are short-term, and they provide financing during the construction of a new home.
These mortgages are insured by the Federal Housing Administration (FHA). These loans allow flexible credit standards so they are ideal for first time home buyers with lower credit scores or a smaller down payment.
These mortgages are most popular among home buyers. These loans offer the comfort of consistent payments due to interest rates that are locked in for the life of the loan.
These mortgages are for homes or properties that exceed the traditional loan limits set by Fannie Mae and Freddie Mac. These loans may have stricter credit standards and larger down payment requirements.
USDA Rural Development Loan
These mortgages are guaranteed by the U.S. Department of Agriculture (USDA) to help provide low to moderate income households the opportunity to own a home in rural areas. These loans may require no down payment, and loans may be used to finance a higher percentage of the property's appraised value.
These mortgages are guaranteed by the U.S. Department of Veteran Affairs (VA). They are offered to qualified Armed Forces personnel, active military personnel, veterans or their widows. These loans allow flexible credit standards, a lower down payment, and typically have a lower interest rate.