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Products

     First Minnesota Bank would like to assist you in turning your dream of homeownership into a reality.  Utilizing our relationship with Fannie Mae, First Minnesota Bank is able to secure your conventional first mortgage loan to allow you to make payments at the bank and keep your loan local.

Depending on your needs, we offer:

*  Conventional Fixed Rate Mortgages

*  Jumbo Mortgages

*  FHA Loans

*  Rural Development Loans - no down payment required

* Construction Loans with options for your permanent end loan

.

 
Fixed Rate Mortgage
Federal FHA Mortgage
Guaranteed Rural Housing
Federal VA Mortgage

Fixed Rate Mortgage

Mortgage Loan Options
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.


Federal FHA Mortgage

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.


Federal VA Mortgage

Federal 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