LET US HELP YOU PICK THE CORRECT MORTGAGE LOAN PROGRAM 

Minnesota mortgage applicationPicking a Loan Program:

Many first time buyers are told by their Realtor, friends, family members, or read online about a program they think is good for them, or they may qualify for.  They may be right... But we think it is prudent to let our highly trained, and licensed Loan Officer review your full information, then professionally zero in on the best programs for your individual situation.

FHA Loans:

FHA loans are federally insured loans that allow buyers who have little or no credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments. FHA home loans are also available for first time buyers. FHA Loans are assumable and streamline, no appraisal refinance to a lower the interest rate is always available.

VA Loans:

VA loans are zero down payment, 100% financing, of course only for active and former military personal with a VA Certificate of Eligibility are able to qualify for this loan. In addition to no down payment, VA home loans have the added benefit of not requiring PMI (private mortgage insurance), which amounts to a HUGE savings over other loans. VA mortgage loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA loans offer up to 100% financing on the value of a home.

USDA Rural Development Loans:

Rural home loans are optimal for first time homeowners in approved Rural Housing Service areas. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment. The purpose of this loan program is to enable eligible low and moderate income (up to 115 percent of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence. The  Rural Development Housing Loans also have flexible credit standards, expanded qualifying ratios, no maximum purchase price limits and generous income limits. Closing costs can be rolled into the loan amount up to 100% of the appraised value (not the purchase price).

MHFA - The Minnesota Housing Finance Agency programs. 

Down payment assistance for those who qualify,  Up to $10,000 is assistance available, but most people who qualify get between $3000 - $5000 of assistance for closing costs and down payment. There is a maximum loan amount, and family income limits to consider whenever getting government assistance.  Fill out an application, and we will quickly determine if you qualify.

Approved USDA Lender, FHA Lender, VA Lender, Minnesota, WisconsinHomePath  

Special financing for Fannie Mae foreclosures. Buy these homes with as little as 5% down,  Just 10% down for investors.  No appraisal needed.  No mortgage insurance.  Contact us for more details and a list of HomePath homes for sale.

Conventional Loans

Our regular everyday loan. Available in fixed or adjustable, and any loan term from 8-years to 30-years, with the 30-year fixed being the most popular. Requires at least 5% down payment. Also available for buying or refinancing second homes and investment properties.

Refinance

Refinancing your existing loan is popular for not just lowering your payment, but also shortening your remaining term.  For example, you have 24-years left, and you refinance to a new 10-year loan.  FHA and VA both offer a streamline refinance with reduced documentation, and the possibility of no appraisal, so lost value isn't an issue.  We also offer the very popular HARP Refinance program.  This allows home owners with a Fannie Mae or Freddie Mac loan to refinance REGARDLESS of how much their home has lost value or if it is even underwater.

No down payment home loans

 USDA Rural development, and the VA Loan are truly zero down payment.  But many times we can combine a regular FHA loan with a down payment assistance program to get many people zero down payment, or needing just a little down payment.  A very popular option is the MHFA Start Up program. This program let's most modest families buy a home with just $1,000 out-of-pocket

Good Faith Estimate

After determining the right mortgage loan for you and your family, we will be happy to work and and provide you a written Good Faith Estimate showing you all your closing costs, interest rate, etc, so that you have no worries about surprises later on.

VA, USDA, and FHA Approved Lender

We are an approved Minnesota and Wisconsin lender for VA Loans, USDA Rural Development Loans, and FHA loans. While we are an approved lender for these programs, we are not part of HUD, FHA, The United States Department of Agriculture, or the Department of Veteran Affairs. We are not acting on behalf of, or under the direction of HUD/FHA or the Federal Government. FHA and VA do not lend directly to the public, only through approved lending institutions like Mortgages Unlimited, St Paul, MN
 


HARP 2.0 refinance Loan in MN or WI area
    Has your home lost value? 
    • Underwater = OK
    • Own more that it is worth?
    • No Appraisal option
    • Little to no out-of-pocket costs
    Loan MUST be Fannie Mae or Freddie Mac 
    • We'll help you find out.
    • Refinance to today's low rates

FHA Purchase Loan in MN or WI area

    Minimal Down Payment and Low Closing Costs. 
    • Down payment just 3.5% of Sales Price
    • Gift for down payment and closing costs allowed.
    • Not just for first time home buyers.
    • FHA regulated closing costs.
    • Seller can pay up to 6% of sales price towards buyers costs.
    Easier Credit Qualifying Guidelines such as: 
    • Minimum FICO credit score of 640.
    • FHA will allow a home purchase two years after a Bankruptcy.
    • FHA will allow a home purchase three years after a Foreclosure.

FHA Refinance

Cash-Out Refinance up to 85% for existing or new FHA mortgages. 

    • Cash-Out up to 85% of your properties value.
    • Consolidate first and second mortgages into single loan.
    • Bill consolidation programs.
    • Easier credit and income qualifications.
    • FHA  regulated closing costs.
     

    Rate and Term Mortgage Refinancing up to 96.5% of your homes value.

    • Consolidate first and second mortgages  into a single loan.
    • Competitive rates for borrowers with a Bankruptcy older than two years.
    • Competitive rates for borrowers with a Foreclosure older than three years.
    • Easier credit and income qualifications.
    • FHA regulated closing costs.
FHA Streamline Refinance

    For existing FHA loans only.. 

    • No Cost Interest Rate Reductions programs.
    • NO APPRAISAL option
    • No Income or Credit Qualifications Option.
    • Zero cost refinance options available.
    • Easily switch amortization from adjustable to fixed. 
    • No FEES, No COST

VA Loan for Purchase in St Paul, Minneapolis area

      ZERO Down Payment and Low Closing Costs. 
      • Down payment = ZERO 
      • Gift for closing costs allowed.
      • Not just for first time home buyers.
      • VA regulated closing costs.
      • Seller can pay all buyers closing costs.
      Easier Credit Qualifying Guidelines such as: 
      • Minimum FICO credit score of 640.
      • VA will allow a home purchase two years after a Bankruptcy.
      • VA will allow a home purchase three years after a Foreclosure.
    USDA Home Loan in MN or WI area
      Zero Down Payment 
      • No down payment
      • Seller can pay your closing costs
      • For "Rural Areas" out side of the metro only
      • Must meet income guidelines

    VA Refinance. 

    • Cash-Out up to 85% of your properties value.
    • Consolidate first and second mortgages into single loan.
    • Bill consolidation programs.
    • Easier credit and income qualifications.
    • FHA  regulated closing costs.
    Rate and Term Mortgage Refinancing up to 100% of your homes value.
    • Consolidate first and second mortgages  into a single loan.
    • Competitive rates for borrowers with a Bankruptcy older than two years.
    • Competitive rates for borrowers with a Foreclosure older than three years.
    • Easier credit and income qualifications.
    • FHA regulated closing costs.

      VA Streamline Refinance (IRRL)

        For existing VA loans only.. 

        • No Cost Interest Rate Reductions programs.
        • NO APPRAISAL option
        • No Income or Credit Qualifications Option.
        • Zero cost refinance options available.
        • FHA 203k Streamline

            For buying a home with repair money.. 

            • Finance repair costs
            • Up to $35,000
            • Buy a fixer upper
            • FHA 203(k) is government backed