Fix Up Loans
Finance your kitchen, bathroom or exterior renovations with the help of a Lake Region Bank home improvement loan option.
Home Loan Resources for Willmar, New London, Sunburg & All of Minnesota
Find the right financing for your home purchase with Lake Region Bank.
Looking to buy your next home, but you’re not sure how you’ll finance your purchase? The Lake Region Bank home loan team are your local experts in home financing. If you are purchasing a home in the Willmar, New London, or Sunburg area, get in touch with us to understand all of the financing options available to you.
Start the Home Loan Process
Get in touch with our home loan team to understand your home financing options. Enter your information below or call (320) 235-5900.
Conventional Mortgage Loans
in the Willmar Area
Conventional mortgage loans are what most people think of when they think about their home financing options. Conventional mortgage loans can be used to purchase your first home, second home, or investment property. The Lake Region Bank home loan team can help you decide if a conventional mortgage is the right choice for you.
Lake Region Bank offers conventional mortgage loans for first homes, second homes, and investment homes. The most popular option for homebuyers is a 30-year, fixed-rate loan. Conventional mortgages start with as low as 3% down for low to moderate-income borrowers. Borrowers must pay for private mortgage insurance (PMI) if they put down less than 20 percent of the sale price. Sellers are able to contribute to closing costs with a conventional mortgage loan.
During the application process, our team will ask you to verify your income, assets, down payment, and employment status. Get in touch with us to get the process started.
Interest rates for conventional home loans vary day by day. Your credit score also affects your home loan’s interest rates.
Generally, a FICO score of 620 or higher is required to apply for a conventional mortgage loan. Debt-to-income limits vary based on credit, cash on hand, and down payment. Contact us to see if a conventional loan is the right choice for you. Fill out the form below to apply now or call 320-235-5900 for support.
FHA Home Loans
in the Willmar Area
If you are a first-time homebuyer, an FHA loan may be a good option for your purchase. These loans are backed by the Federal Housing Administration and have lower credit score and down payment requirements than conventional mortgage loans do. An FHA loan can be used to purchase your first home as long as you live on the property.
An FHA loan is a good option for borrowers who need more lenient credit requirements. It allows borrowers to qualify with a lower down payment of 3.5%, a lower credit score of 580, and a higher debt-to-income ratio. The waiting period after significant derogatory credit events such as bankruptcy or foreclosures is also shorter than other loan programs.
Borrowers must pay an upfront fee to the Federal Housing Administration, which can be included in your loan amount. A mortgage insurance premium is also required for the life of the loan unless you put 10% down. Then, you only pay for mortgage insurance for 11 years.
During the application process, our team will ask you to verify your income, assets, down payment, and employment status. Get in touch with us to get the process started.
Interest rates for FHA home loans vary day by day. Your credit score also affects your home loan’s interest rates.
Generally, a FICO score of 580 or higher is required to apply for an FHA mortgage loan. You must also live in the home you plan to purchase. The FHA does put a limit on the total amount you can borrow with an FHA loan. In Kandiyohi County in 2022, these limits are $420,680 for a single-family home and $538,650 for a two-family home.
Our home loan team can help you decide if an FHA loan is the right choice for you and your purchase. Fill out the form below to apply now or call 320-235-5900 for support.
VA Home Loans in the Willmar Area
If you are a veteran or active-duty member of the US military, you are eligible for a VA home loan. These loans offer low interest rates and flexible terms without a minimum down payment or credit score. Borrowers do not need to purchase mortgage insurance, and closing costs are capped. Borrowers can use the VA home loan program multiple times throughout their lives.
Lake Region Bank offers VA home loans to active servicemembers and veterans. VA home loans do not require a minimum down payment or credit score, which makes them an accessible option for members of the US military. Sellers are able to contribute to closing costs with a VA loan.
During the application process, our team will ask you to verify your service with a Certificate of Eligibility (COE) from the US Department of Veterans Affairs. Get in touch with us to get the process started.
Interest rates for VA home loans vary day by day. Interest rates for VA loans are among the lowest available to home loan borrowers.
Only active-duty servicemembers, veterans, and certain surviving spouses are eligible for a VA home loan. Borrowers must plan to live in the home they are purchasing and demonstrate that they are able to meet their monthly financial obligations.
Our home loan team can help you decide if a VA loan is the right choice for you and your purchase. Fill out the form to apply now or call 320-235-5900 for support.
Rural Development Loans in Minnesota
Rural development loans are available to borrowers in rural areas. Among other purchases, these loans can be used to acquire a new single family home in rural Minnesota, typically in communities of 20,000 residents or fewer.
The USDA offers rural development loans to borrowers buying in eligible rural areas. The single family housing direct loan is available to borrowers with low or very low incomes who do not have access to decent, safe, or sanitary housing. It does not require any money down for purchase. These loans are done directly through the USDA.
Lake Region Bank offers the single family housing guaranteed loan program, which provides 100 percent financing to eligible borrowers who meet income requirements and plan to live in the home they are purchasing.
During the application process, our team will walk you through the required paperwork for the rural development loan programs. Get in touch with us to get the process started.
Interest rates for rural development loans vary day by day. Your credit score also affects your home loan’s interest rates.
To be eligible for the single family housing guaranteed loan program through Lake Region Bank, borrowers must agree to live in the home as their primary residence. They must also meet the income requirements. For a household up to four in Kandiyohi County in 2022, the income limit was $107,800. Borrowers with no credit score are eligible under this program if they can provide alternative credit. A 580 credit score is required for those who have credit scores.
Our home loan team can help you decide if a rural development loan is the right choice for you and your purchase. Fill out the form to apply now or call 320-235-5900 for support.
Meet Your Home Loan Team
Lisa Groff
Vice President
Consumer Services
NMLS# 580204
Get Started on Your Home Loan Process Today
With financing through Lake Region Bank, you can make your next home purchase. Take the first step in the home loan process now.
