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Home Loans                                                          >Personal Banking >home

Purchases & Refinances

Whether you’re buying a home, looking to lower your current rate or payment, or get cash out, let us help you.

Conventional - Fixed Rate

Fixed rate mortgages offer the following benefits:

  • Interest rate is fixed for the term of the loan.
  • Low down payment amounts on purchases.
  • Can be used to purchase or refinance a primary residence, second home or investment property.

ARM-Adjustable Rate Mortgage

ARMs offer the following benefits:

  • Lower payments at the beginning of the loan term.
  • Protects you with annual and lifetime rate caps

Fannie Mae Refi Plus

  • Must have current FNMA loan that was originated prior to 6/2009
  • Can’t get more than $250.00 back at closing.
  • Appraisal might not be needed.
  • Possible lower rates

Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer choices, but are also available if you’re refinancing your mortgage. These loans are provided by the federal government and must meet certain requirements.  See Special Government Products Tab.

First Time Homebuyer loans are offered at Home FederalSee Special Government Products Tab.

DU Refi Plus are registered trademarks of Fannie Mae.

Government Loans

FHA Loan-Federal Housing Administration

  • 3.50% Down payment
  • Flexible income, debt, and credit requirements.
  • Closing costs may come from a gift or grant.
  • Current FHA homeowners may be able to obtain an FHA streamline refinance.

Considerations:

  • There is an up-front as well as a monthly FHA Mortgage Insurance premium.

VA  Loan-Veteran’s Administration

  • Financing for qualified veterans, reservists, active duty personnel, or eligible family members.
  • No mortgage insurance required
  • Flexible income, debt, and credit requirements.
  • Closing costs may come from a gift or grant.
  • Reduced paperwork if eligible for a VA-to-VA Interest Rate Reduction Refinance Loan (IRRRL).

Considerations:

  • You are typically required to pay a one-time Funding Fee on VA loans (which can be financed into the loan amount).
  • Financing for primary residences only

RD Loan-Guaranteed rural housing: USDA mortgages

  • No Down payment
  • Flexible income, debt, and credit requirements.
  • Closing costs may be financed into the loan in some instances
  • 3.50% funding fee can financed into the loan.

State bond programs for first time homebuyers

MHFA-MINNESOTA HOUSING FINANCE AGENCY

  • Special Income limits
  • Down payment assistance available up to $5000
    • START UP - FIRST TIME HOME BUYER PROGRAM
    • STEP UP - NON-FIRST-TIME HOMEBUYER LOAN PROGRAM
  • Minimum $1,000 into the transaction if using DP assistance
  • Used with FHA, RD, or Conventional

IFA-IOWA FINANCE AUTHORITY

  • Special Income limits
  • Down payment assistance available
    • Up to $2,500
  • Used with FHA, RD, or Conventional

Construction

This loan is perfect for building your dream home or putting a large addition on your current home.

Features:

  • Pay Closing Costs One-time
  • Convenient Disbursement Process
  • Interest Only Payments During Construction
  • Pre-approval for Permanent Financing With Same Lender
  • Competitive Construction Rates
  • Flexible Down Payment Plans

Jumbo

For loan amounts above $417,000.

  • Available for 1-unit properties.
  • Available for purchases and rate/term refinances on primary residences, second/vacation homes and investment properties; or for cash-out refinances on primary residences.
  • Conventional jumbo mortgages available with a fixed or a variable interest rate.

 

  • Attractive interest rates

 

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