Home Loan Products

Whether you need a mortgage loan to purchase or refinance a home, Sherburne State Bank has an option that’s right for you. Call or stop in for details.*

Conventional Mortgages
Sherburne State Bank offers conventional loans for purchases and refinances that are subject to meeting the requirements set by Fannie Mae and Freddie Mac. If you do not qualify for a conventional loan your mortgage specialist with Sherburne State Bank will review your information to determine if you qualify for one of our other mortgage products we have available.

Construction Loans
One-Time Close Construction to Permanent Loans are available, one set of loan fees.

The construction loan phase includes the construction loan period and long term financing to build your dream home. However, if you have other ideas or plans on how you want to structure your construction financing we’ll work to make that happen for you. Stop in or call us to set up an appointment to discuss the options and determine what is the best way for you to construct your new home, addition or out building.

USDA Rural Housing (RD)
Rural Housing mortgages are available for purchases and refinancing of your residence. Your property must be located in an eligible rural development area which is not limited to rural areas; some towns qualify. Some of the highlights of the Rural Housing Program are:

No Down Payment required
100% financing
Credit scores down to 640
No reserve requirements
Competitive rates
Up to 6% seller paid costs
Some fees may apply but will be disclosed at time of application.
Plus more…

If you are interested in determining whether you qualify for a home mortgage, contact Sherburne State Bank to schedule your
appointment today!

FHA Mortgage
The FHA loan program is offered to applicants who are looking to purchase or refinance a primary residence but do not meet the conventional loan to value percentages. Cash out refinances are available to qualifying applicants.

There are no reserve requirements for a FHA purchase mortgage but reserves would be used as a compensating factor for underwriting purposes. 100% Gift funds are allowed for down payment and/or closing costs. There are other advantages to this program but to determine if this program is the most worthwhile for you, visit with one of our mortgage specialists.

VA Loans
The Veterans Administration Loan is a product that requires the applicant to have a VA Certificate of Eligibility. Borrowers who are eligible can take advantage of the 100% financing with no down payment money along with reduced fees.

All applicants must qualify per the VA credit guidelines. Contact a mortgage lender with Sherburne State Bank for additional details.

Home Equity Lines of Credit
Do you prefer more flexibility? A Home Equity Line of Credit not only allows you to take advantage of the extra value in your home, but you can use it over and over again. Set up similar to a credit card, you can re-use the funds as many times as you like. You pay interest on the outstanding balance each month, and you decide when to make a principal reduction to the loan balance. Use the extra equity in your home to purchase a vehicle, ATV, pay for vacation or make improvements to your home. Combined with Sherburne State Bank’s online banking and a checking account, accessing the funds is a breeze! Simply and securely transfer funds from your Home Equity Line of Credit into your checking account and being using the funds immediately with your debit card or checks.

Home Equity Loans
Home Equity loans are a great way to take advantage of the extra value in your home. Home Equity loans offer you freedom for that home project or purchase you are planning to make. Do you have a desire to improve the landscaping, finish the basement, remodel your kitchen, or add a shop? Or are you planning to purchase an RV, second home, timeshare or boat? Let a Mortgage Specialist assist you with a Home Equity Loan. Sherburne State Bank secures a mortgage on your home, subject to the value and existing debt of your home. You receive the funds in a single payment, and pay the loan back with fixed monthly payments.

Land Loans
Enjoy the great Minnesota outdoors with one of Sherburne State Bank’s land loans. We offer financing solutions from residential buildable lots all the way up to large acreage bare land properties. Whether you enjoy hunting, fishing or plan to build your dream home in a quiet setting, our Mortgage Specialists are here to offer you exceptional financing solutions so you can make your dreams become reality. Not ready to build yet? No problem! We offer you the flexibility to purchase with one of our land loans now, without the requirement to immediately build. We offer you the time to focus on your dream home plans and when you are ready to build, we will see you through the process from ground breaking to move in. Contact one of our Specialists today to see how we can make your dreams become a reality.

*The information provided for each of the mortgage loan products offered by Sherburne State Bank are summaries and other benefits, qualifications and restrictions do apply. Sherburne State Bank encourages interested applicants to schedule an appointment to discuss the details with one of our mortgage specialists. Products and terms are subject to change without notice.

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