Minnesota’s Mortgage Lender
From Conventional Loans to FHA Loans to VA Loans, our Mortgage Specialists in Minnesota are sure to find the perfect mortgage solution for your specific needs.
Your Local Mortgage Lender
Mortgage Loan Calculator
Our mortgage loan calculator tool will help you understand the components used for mortgage payment calculation. You may change several fields in the loan calculator simply by clicking on the fields, inputting your values, and clicking “calculate.” We have set default values in each field to provide a visual example of what the field will require you to enter. Please note: the calculation reported from the tool may differ from the final amounts after finalizing your mortgage loan amount with one of our mortgage loan officers.
Conventional Mortgages
Conventional mortgages, also known as “conforming mortgages”, include any homebuyer loans that are not offered or secured by government entities. Private lenders, like us, offer these types of loans instead. 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 the other mortgage products we have available.
USDA Rural Housing (RD)
There are a few requirements that must be met in order to be eligible for the USDA Rural Home Loan Program. Firstly, applicants must meet income eligibility requirements and have their property in an eligible area. However, rural areas are not limited to outside towns as some small towns qualify. In addition, they must be US citizens to qualify for the loan and meet all program obligations. Rural Housing mortgages are available for purchases and refinancing of your residence. Some of the highlights of the Rural Housing Program are:
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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!
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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 an 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 on VA loans.
Keep Telemarketers Away
“Trigger leads” are generated whenever people make hard inquiries on their credit scores. All three major credit bureaus sell trigger leads, which include borrowers’ contact information, to mortgage, insurance and credit card companies. Those companies then use that information to call, mail and email borrowers in attempts to sell them competitive “prescreened” offers. Borrowers often begin receiving these offers immediately after they are approved for home loans.
Trigger leads are legal under the Fair Credit Reporting Act (FCRA). That’s because prescreened offers may actually benefit borrowers who want to compare rates. Theoretically, trigger leads also stimulate more competitive practices in the lending industry.
While trigger leads can benefit some borrowers, many people perceive the bombardment of unsolicited offers as nothing short of harassment. And while many reputable lenders take advantage of trigger leads, so too do many disreputable ones. Worse yet, trigger leads may expose borrowers to the threat of identity theft.
The FCRA may permit trigger leads – but that doesn’t mean you have to tolerate telemarketers. You have the right to opt out of prescreened offers! The opt-out process usually takes up to five business days, so it will not put an immediate stop to telemarketers’ calls, letters and emails if you have already had a hard inquiry on your credit. But once it takes effect, potentially dishonest telemarketers can no longer legally reach out to you.
Opt out of prescreened offers online or by phone:
Add your number to the National Do Not Call Registry online or by phone:
Fill out a Real Estate Application and contact one of our Mortgage Specialists today.
Tanya Danielson
Senior Vice President
763-262-2309
EMAIL
Tanya Danielson has been with Sherburne State Bank since 1989, after working in all the areas of the bank she has found her true passion in mortgage lending. Above all, Tanya is not just here to get you into your new or next home or vehicle; our team at Sherburne State Bank is here for you for all of your banking needs and prides itself on establishing long term relationships.
NMLS # 509843
Michelle Anderson
Mortgage Loan Officer
763-271-7178
EMAIL
Michelle Anderson has been serving the Monticello and surrounding communities since 1994. She has served in all areas of banking over the years, but realized her true passion of all types of lending and building lifelong relationships with her customers. Michelle and the team at Sherburne State Bank are here for all of your needs.
NMLS #739964
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