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. 

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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.

USDA Rural Development Loans

These mortgages are insured by the U.S. Department of Agriculture (USDA), and they require 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.
  • Available in qualifying communities.

VA Mortgage

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. A VA loan allows flexible credit standards and the mortgage is often assumable.

Ideal for:

  • Eligible Veterans
  • Purchase or refinance.

FHA Mortgage

These mortgages are insured by the Federal Housing Administration (FHA) and allow flexible credit standards so they are ideal for first time home buyers with high LTV financing up to a maximum of 96.5%.

Requirements and Qualifications:

  • Loan amount - FHA home loans have maximum mortgage limits that vary by county and state.
  • Down payment - FHA loan guidelines require a minimum down payment of 3.5%.
  • Property condition - FHA loans require that the home being purchased meets certain conditions and be appraised by an FHA-approved appraiser. FHA loans are available only for homes that will be used as the buyer's primary residence.

When it comes to owning a home, there are multiple different options available to you and every situation is different. Contact one of our mortgage lenders to find out which option is best for you!