young family sitting on sofa reading a book together in their living room
Mortgage Loan Options
We offer long-term options with fixed rates for the lowest monthly payments possible. Low down payment options available with certain income restrictions. Manufactured homes eligible (certain restrictions apply).
Rural Development Loan (USDA)
USDA rural development mortgages are the most common utilized mortgage program in northern and central MN They are a great first-time home buyer mortgage.
- No down payment required
- One-time guarantee fee paid at closing or can be rolled into the loan
- Seller-paid closing costs are allowed
- No reserve requirement
- Primary homes only
- Income restrictions apply
- Buildings designed or to be used as
- income producing
- Grain bins, silos, dairy/hog barns, farm service buildings
- Commercial/industrial buildings,
- duplexes, converted rentals
An FHA loan is a mortgage loan insured by the Federal Housing Administration (FHA), allowing banks to offer a more favorable rate to consumers.
- Low down payments
- Low closing costs
- Seller-paid closing costs allowed
- Flexible credit standards
- Available to all income levels
- Manufactured homes eligible (certain restrictions apply)
- Allows a co-applicant to help you qualify even if the person doesn’t live in the home
- Requires upfront and monthly FHA mortgage insurance premiums
Residential Construction or Rehabilitation Loan
Loan to help with new construction or to purchase and improve property.
- Up to 1-year line of credit with interest-only payments, paid monthly
- Can include manufactured homes (certain restrictions apply)
- Can include shed or other outbuilding
- Have the option to DIY or hire a contractor
- Refinancing available after one year or after completion of project
MN Housing Fix-Up Loan Program
If you or your spouse is a veteran of the US military you may qualify for a VA Home Loan, offering more resources and favorable terms.
Other Loan Options
Looking to purchase hunting land, a family lake lot, or land for future building? Whatever your land needs are, we can help finance it.
We offer numerous refinancing options. Whether you want to lower your current interest rate or use the equity in your home to consolidate debt, we have options. Please speak with a lender to see what options fit your needs.
Home Equity Line of Credit
Use your home’s equity to make updates to your house or buy a car, take a vacation, or consolidate bills. Fixed rates. A very popular credit line for established homeowners.
Do you own at least 25% of your home? You may qualify for a line of credit using your home’s equity (the amount you would reap if you sold your house today) as collateral.
A single loan application gives you a source of ongoing credit (terms of 36 or 60 months, that you may opt to renew) for things you need now.
You can use a HELOC for:
- home improvements
- bill consolidation
- family vacation
- or any personal expenses
Speak to a lender to discuss your situation and find a program that fits your needs.
How to apply
Apply online on any device, visit one of our branch locations, or call us at 218-346-5700.
What to Bring to a Meeting
If applicable to your situation, please bring the following materials to meet with a lender:
- 30 days of paystubs
- 2 months of most recent bank statements
- 2 years of personal tax filings and W2s
- 2 years of business tax filings (25% or more) and K-1s
- Other investment statements
- Divorce decree, alimony, or child support order
- VA certification of eligibility
Coffee with a Banker Videos
Mortgage Loans Pt. 1
Mortgage Loans Pt. 2
Mortgage Loans Pt. 3
Mortgage Loans Pt. 4
Information accurate as of 3/16/19, and may be subject to change. All loans are subject to credit and underwriting approval. Other terms and conditions may apply.
United Community Bank NMLS 421829