Residential Home Mortgage Options
American Heritage National Bank offers a full service line of personal banking products, including the following types of home mortgage loans:
Conventional Mortgage Loan
- Purchases & Refinancing: Best pricing for interest rates on 30 year, 20 year, 15 year, 10 year fixed rate loans or 10 and 7 year adjustable rate loans.
- Pick your amortization 8-30 years.
Veterans Affairs (VA) Loan
- Purchases: 100% home financing for qualified veterans, no monthly mortgage insurance, loans are assumable.
- Refinancing: Regular refinance to 95%, existing not need be VA. Streamline option (IRRRL) with no appraisal or income verification.
Federal Housing Administration (FHA) Loan
- Purchases: Home financing with only 3.5% down payment, require 620 credit score.
- Refinancing: Regular refinance up to 97.75%. Streamline refinance option with or without appraisal, no income qualifying.
Rural Development (USDA) Loan
- Purchases: 102% financing (with 2% fee) for area population sizes under 35,000, minimal annual fee paid monthly, household income restrictions per county.
- Refinancing: Streamline refinance option without appraisal.
Home Possible Program
- Purchases: 95% financing with reduced monthly mortgage insurance. Down payment can be gifted. County income limits apply.
- Refinancing: 200% of first mortgage for Fannie/Freddie originated loans prior to June 2009, appraisal waivers in most cases, no mortgage insurance if none with existing loan.
- Eligible properties include primary, 2nd home, and investment properties.
- Fixed or variable interest rate options for mortgages greater than $417,000.
- Up to 90% financing available.
Home Equity Lines of Credit
- Revolving line of credit with monthly payments of interest only.
- Available to owner and non-owner occupied property.
- Can combine with 1st mortgage to avoid mortgage insurance.
Minnesota Housing Finance Association (MHFA) Fix Up Loans
- Improvement costs to upgrade the livability, accessibility, or energy efficiency of your home, including any new additions and renovations.
- Up to $50,000 and 110% financing.
- Secured and unsecured loan options.
New Construction or Home Improvements
- Flexible terms to suit your needs during construction.
- Local decision making and servicing.
- One-time close program with numerous permanent loan options.
- Knowledgeable lenders to coordinate transition to permanent financing.
Land Purchase Loans
- Financing for any residential lot or rural acreages.
- Receive credit toward construction financing or permanent financing when you are ready to build.
Secondary Home Purchases and Residential Investment Properties
- Quick pre-qualifications to purchase 1-4 family residential properties.
- Affordable closing costs, competitive rates, and customized payments to fit your needs.
- Cash out refinancing available for personal or business purposes.
- Vacation homes and lake cabins financing anywhere in-state with local closings and servicing.