St. Croix Home Loans is a Minnesota mortgage broker, which means we work with dozens of Minnesota mortgage lenders. Our job is to present your application to multiple lenders and present you with the optimal loan with the most competitive rate available.
We’ve brokered many types of mortgages, from conventional, FHA, VA and USDA to Jumbo and Reverse mortgages. Below is a brief overview of the loans we broker most often.
A Conventional Mortgage, or just a standard mortgage, is any mortgage which isn’t insured or guaranteed by a government agency such as HUD/FHA, VA, or the Farmers Home Administration.
FHA loans have been available to borrowers since 1934, the Federal Housing Administration (FHA), which is part of HUD insures FHA loans, reducing overall mortgage costs. Benefits of FHA mortgages include lower credit score requirements, lower down payments and lower closing costs.
The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program. A reverse mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills.
Reverse Mortgages are mortgage which can give older Americans greater financial security. Many seniors use Reverse Mortgages to supplement Social Security, pay for medical expenses, make home improvements and more.
A jumbo mortgage is a mortgage loan which may have high credit quality, but is larger than conventional loans. Traditionally, the interest rates on jumbo mortgages are higher than conventional mortgages, however, Jumbo loans have recently seen lower interest rates than conforming loans.
A VA Loan is a mortgage loan made by an approved lender and is guaranteed by the Department of Veterans Affairs. VA Loans are made available to eligible veterans, those currently serving in the military, and, under certain circumstances, their spouses.
The United States Department of Agriculture (USDA) gives out a variety of mortgage loans to help low or moderate income people buy, improve or renovate homes in rural areas. Some of the popular types of USDA loans include: The single family direct homeownership loan, the single family guaranteed homeownership loan, the rural repair and rehabilitation loan or grant and the mutual self-help loan.