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Financing Your First Home
With one of the most diverse and extensive product lines in the industry, we have mortgage products to fit a variety of home financing needs. We’ve listed some of the most popular here. To learn which loan options are best suited for your individual situation, schedule a consultation with one of our Home Mortgage Consultants.
Home Opportunities SM
- Little or no down payment required
- Flexible income, credit and debt guidelines, including non-traditional credit histories
- Incentives for public employees1
For homebuyers with the following consideration points:
- High debt ratios and little savings
- Non-traditional credit histories
- Both documented and undocumented income
- Experienced financial difficulties
- Qualified public employees 1
FHA Loan (Details)
- Low down payment requirements
- Flexible income, debt, and credit requirements to help borrowers qualify
- Down payment and closing costs may be funded by a gift, grant or secured loan
For homebuyers with the following consideration points:
- Homebuyers with limited savings
- Homebuyers with low-to-moderate income
VA Loan (Details)
- No down payment required in most cases
- Flexible income, debt, and credit requirements to help borrowers qualify
- Down payment and closing costs may be funded by a gift, grant or secured loan
For homebuyers with the following consideration points:
- Qualified veterans, reservists, active-duty service members 2
- Homebuyers with low-to-moderate income
- Homebuyers with limited savings
State Bond Loan Program [i.e. Minnesota Housing Finance Agency (MHFA), Minneapolis/St. Paul City Living Programs, Dakota County Community Development Program (includes the Minnesota counties of Dakota, St. Cloud, Stearns, Scott, Goodhue, Wabasha, Winona, and Washington)]
- Financial assistance for down payment and/or closing costs
- Low or no down payment requirements
- Below market interest rates
For homebuyers with the following consideration points:
- First-time homebuyers
- Income and purchase price limits apply. See your mortgage consultant for details
Down Payment Assistance Program (DAPs) Available for a limited time
- Financial assistance for down payment and closing costs
- No repayment of gift required
- Minimal paperwork
For homebuyers with the following consideration points:
- Income and purchase price limits apply. See your mortgage consultant for details
Fixed-Rate Mortgage Loan
Fixed-rate mortgages give you the security of knowing your monthly principal and interest payment will not change. Edina Realty Mortgage provides a variety of fixed-rate products, with loan terms ranging from 10 to 40 years.
- Predictable payments. The monthly principal and interest payment is fixed over the life of the loan.
- Protection from rising interest rates. No matter how high market interest rates go, your mortgage rate remains the same over the life of your loan.
For homebuyers with the following consideration points:
- Prefer regular payments with no surprises
- Have limited or fixed incomes
- Plan to stay in their homes a long time
- Are buying a home at a time when interest rates are comparatively low
Related Information:
Fixed-rate loans backed by government agencies (such as FHA and VA mortgages).
Adjustable-Rate Mortgage
- Interest rate that is fixed for an initial period, then adjusts periodically based on market conditions
- Lower initial rate than with a fixed-rate mortgage
- A variety of fixed-period options ranging from one to ten years
For homebuyers with the following consideration points:
- People looking to increase their short-term cash flow
- Buyers who need a larger loan amount than they can qualify for with a fixed-rate mortgage
- Homebuyers who plan to move or refinance within a few years
1 Qualified public employees include certified, licensed or accredited teachers, healthcare workers, fire fighters, police officers and EMTs.
2 Check with your regional VA office to see if you are eligible.
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