Mortgage Financing Options


Financing Options To Fit Your Plans and Budget

At Home State Bank we have a lot of mortgage options available to us, which means we can find the mortgage that’s right for you.  Take a look and see which ones fit your plans and budget. 


Fixed-Rate Mortgages 
Fixed-rate mortgages have a constant interest rate and monthly payments that never change. 

First-Time Homebuyer Program (Minnesota Housing Finance Agency (MHFA)  
Home State Bank is an approved lender for Minnesota’s First-Time Homebuyer Program, helping families finance down payments, closing costs, and home repairs.  Contact your mortgage expert today for more information. 

Rural Development Guaranteed Loans (RD) 
Home State Bank is an approved lender for the USDA Rural Development Guaranteed Loan program, helping people become homeowners by insuring mortgages.  There are lots of reasons to ask your Home State Bank mortgage expert for an RD loan:

  • Great for First-Time Home Buyers
  • 100% Financing (including Closing Costs)
  • No Down Payment Requirements
  • No Prepayment Penalties
  • Low Rates
  • Existing Homes, Foreclosures and New Construction. 


Home Equity Loans and Lines of Credit  
An option for when you want to use the equity in your house for home improvement projects, a new vehicle, a recreational purchase, or a ‘just in case’ cushion. Home State Bank offers fixed rate loans along with monthly payment plans to make this an affordable option for you.


Fix-Up Home Improvement Loans 
Whether you need to make necessary repairs or simply want to update your home, a Fix-Up loan can finance most home improvement projects.  The Fix Up loan's low, fixed interest rates and longer repayment terms (up to 20 years on some loans) means lower and more affordable monthly payments. 

  • Affordable, fixed interest rates
  • Lower rates for eligible energy efficiency and accessibility improvements
  • Loan amounts from $2,000 to $75,000
  • Secured and unsecured loan options
  • Little to no equity in your home needed
  • Higher loan-to-value ratio on secured loans than traditional loan products
  • Repayment terms up to 20 years
  • Finance projects already started, or that were completed within 120 days
  • Hire a contractor or do the work yourself
  • No prepayment penalty

What improvements can I make?

Here are some examples-ask your lender if your project is eligible.

General Home Repairs and Remodeling

  • Wiring Updates
  • Awnings
  • Brick repair-replacement
  • Painting
  • Stucco Repair
  • Air exchanger
  • Chimney repair or replacement
  • Ductwork
  • Fireplace
  • Heat pumps: air, geothermal, ground water
  • Countertops
  • Drywall
  • Floor covering
  • Kitchen cabinets
  • Landscaping
  • Septic system repairs or replacement
  • Bathroom Fixtures
  • Bathtubs/Enclosures/Shower doors
  • Water conditioner
  • Well replacements
  • Fascia
  • Gutters
  • Porches and Decks
  • Finishing a Basement
  • Siding and Roofing
  • Driveway repairs
  • Sidewalks
  • Garage
  • Mold and radon mitigation
  • Tree removal or trimming

Energy Efficiency Improvements

  • Heating System and Central Air Conditioning
  • Windows
  • Insulation, Attic Air Sealing
  • Water Heater

Accessibility Improvements

  • Ramps
  • House Accessibility Modifications
  • Safety Modifications


Which Fix Up Loan is right for me?

Income and program requirements subject to change.  Please inquire or see for more information.

That sounds great! Am I eligible?

You may be eligible for a Fix Up Loan if you:
  • Own and occupy the property to be improved (single-family homes, duplexes, triplexes, and fourplexes are eligible)
  • Meet minimum credit score requirements
  • Meet our income limits-they're higher than you might think (and no income limit for eligible accessibility and energy efficiency improvements)

How do I get started?

  1. Complete the paper application or the online application
  2. Feel free to contact us, or we will reach out to you once we receive your application.
  3. Get Bids.  Obtain contractor bids or detailed materials estimates from a building supplier for work.
  4. Mission Accomplished! Finish up the paperwork with your lender, make your home improvements, and celebrate your accomplishment.