Mortgages & Loans Explore your options to purchase or build your dream home.

Depending on the loan program, your income and in what county you are purchasing in, there may be options for no down payment. Otherwise, we have low down payment options that start as low as 3% of the home’s purchase price.

No, you just need to show a two-year consecutive work history. If there is a gap in employment, an explanation as to why there was a gap is needed.

Determine a monthly payment that is comfortable for your budget. What you can be approved for and what you are comfortable with can be two different numbers. Then from there, determine the estimated purchase price you can afford based on your budget. We’ll discuss an estimated monthly payment in the current market using a rough estimate for property taxes and home insurance. The payment can fluctuate as the home insurance and property taxes can vary depending on home location. Most realtors will help with finding out how much utilities are for a property. Having at least 3 months of savings for “just in case” maintenance (think water heater going out) is a good rule of thumb.

Don’t take out new debt for vehicles, credit cards or toys. Pay down any credit card balances to 30% of your limit. Save money so you’ve got funds in your savings in case there is a need for assets or reserves.

You will need the following documents:

1. Personal tax returns including all schedules, W2’s and 1099’s (if applicable) for the past 2 years.
2. 30 days most recent/consecutive paystubs (3-5 paystubs depending on how often you’re paid).
3. If you are self-employed, you’ll need your previous 2 years business returns (all pages)
4. You will also need to provide current profit and loss statement, signed and dated, along with 3 months bank statements for business account(s).
5. 2 months of bank statements for checking/savings and asset accounts. If you have MMFCU accounts, we are able to pull these for you.
6. For all properties owned, a copy of homeowner’s insurance declaration page, property tax statement, and mortgage statement.
7. Any retirement/Veterans Administration (VA) income will require an award letter or monthly statement if you receive it.

We pull from all three credit bureaus and take the median credit score. Minimum requirements are a 620 for Conventional/Federal Housing Administration (FHA) loans and 600 for Veterans Administration (VA) loans. USDA (United States Department of Agriculture) and Rural Development (RD) loans require a minimum of 640.

Start with getting pre-approved first. That way you know what price range you should be looking in. Most realtors don’t want to show a property unless you have a pre-approval letter.

Get pre-approved with our expert Mortgage Loan Officers by filling out an application today.

You’re not alone.

When you apply for a mortgage through any financial institution or mortgage company, your lender will pull a credit report from the three major credit bureaus: TransUnion, Equifax and Experian. Under the Fair Credit Reporting Act, the credit bureaus can legally sell your contact information within 24 hours of your mortgage application to anyone who wants a list of people currently applying for mortgages. The collective contact information from applicants is often referred to as “trigger leads.” Please note Mid Minnesota Federal Credit Union never sells or shares your contact information.

The good news – you can opt out of being solicited!

The website www.OptOutPrescreen.com is the official Consumer Credit Reporting Industry website for consumers to opt-in or opt-out of offers for credit and insurance products. In addition, you may go to www.donotcall.gov and sign up for the Do Not Call Registry to protect against unwanted phone calls.