Your Homeownership Partner
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The Home Loan Division of MMCDC provides affordable home loans to first-time homebuyers and other members of the local workforce. By offering a combination of low-interest loan products and down payment assistance, we can help provide loans for purchasing a home, new construction, refinancing, remodeling and more.
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Prequalification
Prequalifying is the first step to homeownership! To make this process easier, it is a good idea to compile the following required financial information:
- Monthly payments and monthly income
- Most recent pay stubs covering the last 30 days
- Complete tax returns for the past three years
- Bank statements of all checking, savings and asset accounts from the last two months
A fee of $20 will also be required for the lender to access your credit report.
Download our Home Loan Application here. See a list of Common Mortgage Terms.
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| Conventional/Fixed: | |
| 30 yr: | 5.625% |
| 15 yr: | 5.000% |
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| Minnesota Housing Finance Agency (MHFA) |
| MMP/MCPP: | 5.875% |
| CASA: | 5.875% |
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| USDA-Rural Development | |
| Guaranteed: | 5.750% |
| 502 Participation: | 8.250% |
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| MMCDC-InHouse | |
| 502 Participation: | n/a |
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| Fix-Up Fund Loans | |
| MHFA: | 6.500% |
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| DATE: June 29, 2009 Rates, points and programs are subject to change at any time and are not disclosed to extend as defined by Regulation Z. |