Loan Options
Conventional Loans
A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), Farmers Home Administration (aka, USDA) and Department of Veterans Affairs (VA).
- 3 or 5% minimum down payment
- Good Credit
- No upfront fee
- No private mortgage insurance (PMI) with 20% down
- PMI removed at 78% LTV (primary home)
FHA Loans
An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA). FHA loans are designed for low-to-moderate income borrowers who are unable to make a large down payment.
- 3.5% minimum down payment
- Easier to Qualify, more flexible for lower credit scores
- Monthly mortgage insurance
- Upfront fee to FHA is 1.75% of loan, rolled into loan
VA Loans
A VA loan is a mortgage loan in the United States
guaranteed by the U.S. Department of Veterans Affairs. The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry).
- 0% down payment
- Must meet VA enlistment qualifications for program
- VA funding fee is 0.00% - 3.6% depending on military status, whether the VA benefit has been used, and loan to value.
- No monthly mortgage insurance
USDA Loans
A USDA loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
- 0% down payment
- Property must be located in qualified area
- Maximum household income limit is based on number of occupants (varies by State/County)
- Upfront fee to USDA is 1.0% of loan and financed into the loan.
- Minimal monthly mortgage insurance
First Time Homebuyers
There are many first-time homebuyer programs available. Angie is a platinum level loan officer with the Minnesota Housing Finance Agency and has helped thousands of first-time homebuyers.
- Our first-time home buyer program can be used with all types of financing.
- Minnesota Housing requires a minimum borrower contribution of $1,000.
- Down payment assistance options are available for first-time and non-first-time homebuyers.
- Program options vary by income limits and county.
LGBTQ+ Loan Options
We understand that finding a lender or realtor that understands your needs as an LGBTQ+ homebuyer can sometimes be difficult. While our loans don’t discriminate, we always want our communities to feel safe and welcome when approaching the home buying process.
Angie and her team are here to alleviate all of your worries and concerns as an LGBT homebuyer. We have several loan options available, and we’ll work with you to find that perfect fit. When you work with us, you can focus on the things that matter—like your new home.
