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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.

Grants (up to $7,500) are available for qualified applicants.

See something you like? Take the next steps to get preapproved.

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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 $424,100* 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.

HomeReady® - Affordable Housing Loan+

Designed for creditworthy low- to moderate-income borrowers!

• Not required to be a first-time homebuyer

• Down payment: as low as 3% – no minimum contribution from you – the borrower – toward the down payment on a single-family home purchase. You can supplement your own cash with gifts from relatives.

• Rates: Very competitive interest rates offered!

• Lower MI: Lower private mortgage insurance premiums than traditional conventional loans. Borrowers may be able to cancel their MI when their home equity reaches 20% – unlike many government-insured loans (restrictions apply)

• Innovative underwriting flexibilities – an enhanced affordable loan designed to meet diverse financial needs of responsible, creditworthy borrowers

• Not just for low-income borrowers: Click here to see if your income and property qualify

HomeReady® mortgage has a homeownership education requirement to help buyers prepare for the responsibilities of buying and owning a home. Buyers can complete an online homeownership course offered by Framework® to fulfill the requirement. One-on-one homeownership advising (i.e., through HUD-approved counseling agency) may also be an option for buyers who could benefit from personalized assistance. If you seek one-on-one advising, speak with your lender beforehand to confirm that you’ll meet the HomeReady® mortgage education requirement.

Click here for HomeReady® FAQs

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


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