Mortgage Products

Conventional Loan

• Member must contribute 5% of the purchase price in the form of closing costs, prepaids and down payment.
• Member can avoid mortgage insurance ( PMI) and escrow own taxes and insurance by putting 20% down.
• Competitive rates and flexible terms.
• Member and property must qualify under FANNIE MAE guidelines.
• 1 to 4 unit Investment properties are eligible with as little as 20 % down(depending on number of units). Refinance loans are also available ( 95% of appraisal on no cash-out, 80% cash-out).

Rural Development Loan

Finance up to 100% of the purchase price and in some cases up to 100% of the appraised value!

• Loan is guaranteed by the USDA/Rural Housing Service.
• Member must qualify under Rural Housing guidelines.
• Decisions are made locally.
• One unit owner occupied properties.

FHA Loan

An FHA loan features a low down payment and flexible terms

• 3.5% cash investment requirement.
• 1 to 4 unit properties are eligible (primary residence).
• Loan is insured by HUD/FHA.
• Decisions are made locally.
• Refinance transactions are available

VA Loan

Finance up to 100% of the purchase!

• Eligible Veterans are able to take advantage of this program.
• Purchase and refinance transactions are available.
• 1 to 4 Unit properties are eligible. (primary residence)
• Decisions are made locally.

First Time Home Buyers Loan

Program can be utilized in conjunction with loan types above and provides a below market interest rate!

• Guidelines are set by the North Dakota Housing Finance Agency.
• Down payment and closing cost assistance is available to qualified members.
• Members can not have owned a home in the last three years and must meet North Dakota Housing requirements.
• One to Four unit properties (primary residence) are eligible.