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Couple in Living RoomOur options, defined

First National has a vast array of home loan options for all types of borrowers to help you make smart, informed decisions that meet your needs. Click on the options below to learn more.

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Fixed Rate Loans+

Conventional, long-term fixed rates provide the security of a set interest rate over the life of the loan.

  • Competitive long-term fixed rates from 10 to 30 years provide rate security as your interest rate and payment never increase to give you peace of mind.
  • Down payment programs as low as 3% down
  • Loan amounts of up to $417,000* for single family homes
  • *Simultaneous second mortgages and Home Equity loans available for qualified buyers
  • Available for primary residences or second homes

Customized Home Loans+

Our customized bank portfolio lending is unique to First National Bank to provide more lending options for our clients.

  • First National Bank is known for their customized bank portfolio loans to provide more lending options for our clients.
  • When your loan request does not “fit in the box”
  • Bridge loans to help you buy before you sell
  • Local underwriting and servicing
  • What’s your story? Please give us a call.

100% Financing+

Purchase a home with up to 100% financing. Not just for first-time homebuyers.

  • No down payment required
  • More flexible credit guidelines
  • No maximum home price. The amount financed is based on your ability to pay.
  • The USDA provides Single-Family Housing Programs to provide homeownership opportunities to low- and moderate-income individuals and families living in eligible areas. Check to see if you fit the income limits.
  • Examples of local eligible areas are Northfield, Dundas, Faribault and Lonsdale.
  • Seller concessions towards closing costs are allowable where little to no money is brought to the closing table.

Bridge Loans+

When you are ready to buy and haven’t sold your existing home.

  • Bridge loans have been a significant niche loan for First National for years. For customers who are ready to buy and haven’t sold their existing home.  We offer customized solutions for your situation.
  • When buying and selling the same day isn’t the right fit for you
  • Don’t miss out on the purchase if your home sale has not occurred yet.
  • Bridge loans when offered with permanent financing for your new home are priced competitively as a package
  • Interest only options available
  • Call to see if a bridge loan is right for you!

Second Homes/Vacation Homes+

  • Loan programs available for purchasing throughout Minnesota, Wisconsin and Iowa
  • Competitive long-term fixed rates from 10 to 30 years as well as customized portfolio lending is available

Construction+

Planning to build a new home or renovate one you already own? You can finance your land, construction and home loan with First National’s construction-to-permanent loan. Construction loans from First National provide temporary financing for borrowers who are building a new home from the ground up.

  • First National Bank has been a cornerstone leader in providing construction lending in our area for decades
  • Closing costs can be saved by using the same lender for the construction and permanent financing.
  • We’re pleased to offer interest-only payments during the construction phase.
  • Call us for a free consultation so we can help walk you thru the many phases of construction including financing from construction to permanent; land purchase; house plans; construction bids and the draw process; appraisal process; and the closing process amongst other steps.
  • Leave the financing steps and details to us so you can concentrate on the fun details like choosing cabinets, fixtures and flooring