Mortgage Lending

The Home Loan Division of MMCDC provides a variety of mortgage, refinance and first-time homebuyer options to disadvantaged populations and underserved communities. We can help provide loans to people for purchasing, repairing or refinancing a home.

We have a special focus on households with incomes at or below the Federal Guidelines for Low Income in Minnesota, by County or Metropolitan Statistical Area and Family Size.

We also serve Minnesota Investment Areas, as defined by the Community Development Financial Institutions Fund. Eligible areas can be found by mortgage lending staff.

MMCDC offers competitive rates and a variety of mortgage options, including:

Fixed-rate loans for predictable payments
USDA loans with low down-payment options
MMCDC down-payment loans in Minnesota
Home improvement loans

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 two 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.

To obtain information on an existing loan from MMCDC, use the View Loan Balance tool at the bottom of this page. Information including a loan payoff amount also may be obtained by sending a request by email to Amber Langerud or Nicole Kirchner, or by mail to Mortgage Loan Servicer, MMCDC, 119 Graystone Plaza Suite 100, Detroit Lakes, MN 56501. This address also should be used for sending payments by mail.

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Current Rates:

Conventional/Fixed:
30 yr: 2.990%
15 yr: 2.500%

USDA – Rural Development
30 yr: 2.750%

MMCDC Home Improvement Loan
20 yr: 6.000%

MMCDC In-House:
502 Participation: 3.000%

DATE: May 3, 2021

Run the numbers with our loan calculator

Rates, points and programs are subject to change at any time and are not disclosed to extend as defined by Regulation Z.

MMCDC Offering Emergency Small Business Loans

As we navigate through the COVID-19 crisis, MMCDC has developed plans to assist our customers and the communities we serve.

MMCDC’s Lending Teams now have additional flexibility to quickly respond to current and future customers facing difficulties due to the pandemic. Fast, new business loans available up to $50,000 with low interest rates, flexible terms. Go to Commercial Lending to view our flyer and application.

“MMCDC’s Small Business Emergency Loan Program is an additional option,” MMCDC President Julia Nelmark said. “We are here to discuss the various products that have become available to business owners so they can decide which are best for them.”

We are committed to assisting our borrowers, tenants and other clients through this difficult time,” she added. “While our offices remain closed to the public, staff is available to assist via phone, email, fax or mail.”

Consumer and home loan modifications available.

Contact Nicole Kirchner, Vice President of Business Development, at 218-844-7016 to discuss business, home and consumer needs.

Nicole Kirchner

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MMCDC Earns Top 10 listing with USDA Rural Housing

Our Home Loan Division again ranked among Minnesota’s top 10 providers of USDA Guaranteed home loans, which provide 100 percent financing and expanded qualifying ratios to low- to moderate-income homebuyers in rural areas.

“Minnesota has been a top producer for the program, with excellent delinquency rates well below the national average,” stated a news release issued by the USDA Rural Development office in Minnesota.

MMCDC has been a provider of USDA Rural Housing Guaranteed Loans for more than 20 years. Loans can be used to purchase modest homes in good condition. In addition, the Home Loan Division provides conventional, refinance, cash-out refinance, and home improvement loans in partnership with independent banks and credit unions.

“We are proud of our Home Loan Division, which ranks highly in customer surveys as well,” MMCDC President Julia Nelmark said.

Recent client survey comments included those listed below.

“Very responsive, friendly, and helpful.” “Everyone with MMCDC has been so helpful through this whole process.” “Everything went smoothly and nothing could be better.” “It was great service.” “Timely.” “Quick and easy.” “Quick and easy to work with; knowledgeable.” “Smooth sailing.”

Contact MMCDC at 218-847-3191 or info@mmcdc.com.

Kathy Misson, VP, Home Mortgage Karen Larson, Underwriter Angie Schute, Processor

Casey Grossman, Processor

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MMCDC a Top 10 Producer for USDA Rural Housing Loans

Reprinted with the permission of USDA

Rural Development State Director for Minnesota Brad Finstad today highlighted the partnerships that aid in the United States Department of Agriculture’s (USDA) ongoing efforts to assist individuals and families purchase affordable housing in rural communities.

“Partnerships allow for expanded opportunities and are necessary in order to achieve prosperity, especially in rural communities,” Finstad said. “Through these partnerships, USDA is helping rural Americans achieve the dream of homeownership – supporting benefits that extend far beyond the home, resulting in stronger, more prosperous rural communities.”

USDA Single Family Housing programs have served more than 4.4 million families in rural America since President Truman signed the Housing Act in 1949. Throughout June, USDA employees will celebrate National Homeownership Month with events across the Nation that demonstrate USDA’s commitment to provide access to affordable housing for rural Americans.

Rural Development has several programs that support rural homeownership, including:

USDA partnerships with private-sector lenders to help rural families buy homes. Providing loan guarantees for lenders working with low- to moderate-income families is the key to developing private-sector homeownership opportunities. For example, through partnership with Minnesota’s top 10 producing lenders in Fiscal Year 2018, Rural Development assisted 1,093 households and invested nearly $161 million. These lenders include: American Mortgage & Equity Consultants Bell Bank Bremer Bank, N. A. Flagstar Bank Stearns Lending Inc Lend Smart Mortgage, LLC Fairway Independent Mortgage Corp Midwest MN Community Development Corp (MMCDC) Market Place Home Mortgage Wells Fargo Home Mortgage, Inc Direct home loans for very-low- and low-income applicants. Some borrowers qualify for program benefits that reduce the effective interest rate on their mortgage loan to one percent. Partnerships with local organizations help Rural Development reach prospective homebuyers. Referrals from the Rice County Habitat for Humanity chapter have resulted in eight households becoming homeowners since Oct. 1, 2018. The partnership between Rural Development and Habitat for Humanity allows homebuyers to obtain high-quality housing with affordable financing. An additional partnership with Three Rivers Community Action, a regional nonprofit, provides these homebuyers with closing cost assistance. Repair loans and grants that help people improve access to their homes and remove health and safety hazards such as poor wiring or plumbing.

To learn more about Rural Development’s partnerships and the investments described above, visit www.rd.usda.gov/mn or contact the State Office at (651) 788-5307.

In April 2017, President Donald J. Trump established the Interagency Task Force on Agriculture and Rural Prosperity to identify legislative, regulatory and policy changes that could promote agriculture and prosperity in rural communities. In January 2018, Secretary Perdue presented the Task Force’s findings to President Trump. These findings included 31 recommendations to align the federal government with state, local and tribal governments to take advantage of opportunities that exist in rural America.

To view the report in its entirety, please view the Report to the President of the United States from the Task Force on Agriculture and Rural Prosperity (PDF, 5.4 MB). In addition, to view the categories of the recommendations, please view the Rural Prosperity infographic (PDF, 190 KB).

USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/mn.

USDA is an equal opportunity employer, provider and lender.

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Your Homeownership Partner

Current Rates:

The Experts

Karen Larson

Angie Schute

Casey Grossman

Completed Projects

MMCDC News

MMCDC Offering Emergency Small Business Loans

MMCDC Earns Top 10 listing with USDA Rural Housing

MMCDC a Top 10 Producer for USDA Rural Housing Loans

View Loan Balance

Current Rates:

The Experts

View Loan Balance

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