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Products

First Minnesota Bank would like to help turn your dream home into a reality! Talk with one of our trusted and experienced lenders today. Many of them have been with the bank for over 10 years. They will help find the best loan option for you and your family. 


Find a Lender

 

We offer a variety of loan options:

  • Conventional Fixed Rate Mortgages
  • Jumbo Mortgages
  • FHA Loans
  • Rural Development Loans
  • Construction Loans with options for your permanent end loan
  • VA Loans


Fixed Rate Mortgages

The interest rate on this agreement never changes for as long as you hold your mortgage. It offers the comfort of steady payments. Fixed rates are available in a number of different terms.

Longer Fixed Ideal for:

  • Those who plan to own a home for a long time.
  • Those who want the comfort of steady payments.
  • Those who have set incomes.
  • Those who want low monthly payments.


Shorter Fixed Terms Ideal for:

  • Those who want rate consistency.
  • Those who can afford slightly higher payments.
  • Those who want to reduce interest costs.
  • Those who plan to keep the loan 7 years or more.
  • Those with set incomes. 

These mortgages are guaranteed by the federal government. They are offered to qualified borrowers. FHA loan allows flexible credit standards and the mortgage if often assumable.
 
Ideal for: First Time Home Buyers with High LTV Financing


Guaranteed Rural Housing

Guaranteed Rural Housing (FmHA)
An FmHA mortgage is insured by the federal government. It requires no down payment. Loans may be made up to the property's appraised value. Mortgages are long term with a fixed interest rate.
Ideal for:

  • Those who have only a small down payment.
  • Those who want the comfort of steady payments.
  • Those who have set incomes.
  • Those who want low monthly payments.

VA Mortgage

These mortgages are guaranteed by the federal government. They are offered to qualified Armed Forces personnel, active military personnel, Veterans or their widows. A VA loan allows flexible credit standards and the mortgage is often assumable.
Ideal for:

  • Eligible Veterans


 FHA Mortgage