Minnesota Home Loans
Moving into your first or next home in Minnesota is complicated, with many home financing options.
At Capstone Direct, we support you in evaluating Minnesota mortgage loans to secure the best deals for you and your family. Work with our team to find your forever home in the North Star State and save money on American home loans in Minnesota.
Compare the latest mortgage rates in three minutes or less to determine where you stand.
Finance Your Home in Minnesota
Financing your home with a Minnesota mortgage requires taking a hard look at your finances and assessing where you can afford a home. Today, the median house price in Minnesota is $340,122, putting it below the nationwide median.
It shows that the North Star State offers tremendous value for money for individuals and families looking to buy a home. We can support you in securing Minnesota home loans at a rate you can afford.
But what if you want to live within the Twin Cities? Inarguably, the Twin Cities are the heart of the state, meaning it tends to get a lot of attention from prospective home buyers. Unlike other states, house prices see a much smaller discrepancy between the central economic area and the rest of the state.
According to the Harvard Joint Center for Housing Studies (JCHS), the median Twin Cities home is slightly higher than the state median at $377,672.
In contrast to other states, mortgage companies in Minnesota offer plenty of products for lower-income families. This is because housing affordability is still high throughout the state. Areas in the western half of the state still see median homes available for just 2.5 times that of the median family income. In so many areas of the country, this is unheard of.
Obtain your Minnesota home finance with the help of Capstone Direct, and you could find yourself purchasing a home in locations like beautiful Kittson County. This area of the northwestern corner of the state has median house prices of $103,000.
Learn more about your solutions for home loans in Minnesota. With Capstone Direct by your side, we simplify the process of obtaining a mortgage in Minnesota.
Types of Minnesota Home Loans
What are the best home loans in Minnesota for you and your family?
Determining which financial product makes sense is complicated, so you need a professional team to evaluate your circumstances and produce a tailored plan to ensure you make the right decision.
Check out these Minnesota home loan options.
Conventional Loans
The conventional mortgage is set to the standards of Fannie Mae and Freddie Mac while being guaranteed by the federal government to encourage mortgage lenders to offer lower interest rates and down payments.
Get approved for a conventional mortgage, and your down payment could be as low as 3%, making it ideal for first-time buyers or buyers on lower incomes.
You will need to take out mortgage insurance, but this requirement is waived if you put down 20% or refinance later.
VA Loans
Active service members, veterans, and surviving spouses can obtain Minnesota home loans through the U.S. Department of Veterans Affairs. VA loans have the lowest interest rates, requiring no insurance or down payments.
Work with a VA-approved mortgage lender in Minnesota, and you’ll only need a minimum credit score of 640 to qualify for one of these loans.
FHA Loans
First-time homebuyers may want to consider the Federal Housing Administration’s loan program. These home loans require a 3.5% down payment if you have a minimum credit score of 580 or 10% with a credit score of 500.
Be prepared to carry private mortgage insurance for the lifetime of your loan.
USDA Loans
Join the USDA Rural Development Guaranteed Housing Loan Program to receive your loan. Depending on your income, you could access a mortgage with no down payments and a low credit score. Note that you can enjoy streamlined processing if your credit score is at least 640.
Remember that USDA loans only apply to Minnesota’s eligible suburban and rural areas.
Jumbo Loans
Purchase your dream home with a jumbo loan. These home loans are designed for homebuyers who need to borrow more than $647,200 to cover the purchase price of their new homes.
Be prepared to put down up to 20%, pay higher interest rates, and withstand higher closing costs to secure these loans.
Save money on taking out your jumbo loan with the help of Capstone Direct today.
Minnesota First-Time Homebuyer Programs
The Minnesota Housing Finance Agency offers down payment and closing cost assistance to first-time buyers and some repeat buyers. Receive up to $17,000 in down payment, closing cost assistance, and premium access to low-cost and insurance-free mortgages.
Eligibility depends on your income, having a credit score of at least 640, and a maximum purchase price of $402,000 in certain metropolitan areas.
Why Capstone Direct?
We’re proud to be America’s leading mortgage provider. Within Minnesota, our professional team works to support ordinary Americans in realizing their dreams of homeownership.
Find your perfect mortgage with the Capstone Direct team. We are the lender that goes above and beyond the competition through our R.I.S.E philosophy.
- Relationships – We believe that long-term relationships are integral to everything we do. We manage and grow alongside our stakeholders to create a culture of trust and reliability within our network.
- Integrity – Our agents are honest, transparent, and reliable in everything they do. Integrity is one of our core values.
- Service – Sample unrivaled service within the mortgage industry. We endeavor to achieve the fastest response times to streamline the process of securing your mortgage.
- Expertise – Get the local knowledge you need to find the Minnesota home financing product that makes sense for you. We believe every family needs a personalized plan, which is what all our clients receive.
It only takes three minutes to compare the latest mortgage rates in your area. Tell us a little about you, and our platform will do the rest.
Contact Capstone Direct now for more information on securing affordable mortgages on your next home purchase.