Residential Home Mortgage Options

American Heritage National Bank offers a full service line of personal banking products, including the following types of home mortgage loans:

Conventional Mortgage Loan

    • Purchases & Refinancing:  Best pricing for interest rates on 30 year, 20 year, 15 year, 10 year fixed rate loans or 10 and 7 year adjustable rate loans.
    • Pick your amortization 8-30 years.

Veterans Affairs (VA) Loan

    • Purchases:  100% home financing for qualified veterans, no monthly mortgage insurance, loans are assumable.
    • Refinancing: Regular refinance to 95%, existing not need be VA. Streamline option (IRRRL) with no appraisal or income verification.

Federal Housing Administration (FHA) Loan

    • Purchases:   Home financing with only 3.5% down payment, require 620 credit score.
    • Refinancing: Regular refinance up to 97.75%. Streamline refinance option with or without appraisal, no income qualifying.

Rural Development (USDA) Loan

    • Purchases:  102% financing (with 2% fee) for area population sizes under 35,000, minimal annual fee paid monthly, household income restrictions per county.
    • Refinancing: Streamline refinance option without appraisal.

Home Possible Program

    • Purchases: 95% financing with reduced monthly mortgage insurance. Down payment can be gifted. County income limits apply.

HARP Program

    • Refinancing: 200% of first mortgage for Fannie/Freddie originated loans prior to June 2009, appraisal waivers in most cases, no mortgage insurance if none with existing loan.
    • Eligible properties include primary, 2nd home, and investment properties.

Jumbo Loans

    • Fixed or variable interest rate options for mortgages greater than $417,000.
    • Up to 90% financing available.


Residential Mortgage Application

Home Equity Lines of Credit

    • Revolving line of credit with monthly payments of interest only.
    • Available to owner and non-owner occupied property.
    • Can combine with 1st mortgage to avoid mortgage insurance.

Minnesota Housing Finance Association (MHFA) Fix Up Loans

    • Improvement costs to upgrade the livability, accessibility, or energy efficiency of your home, including any new additions and renovations.
    • Up to $50,000 and 110% financing.
    • Secured and unsecured loan options.


 Residential Mortgage Application

New Construction or Home Improvements

    • Flexible terms to suit your needs during construction.
    • Local decision making and servicing.
    • One-time close program with numerous permanent loan options.
    • Knowledgeable lenders to coordinate transition to permanent financing.

Land Purchase Loans

    • Financing for any residential lot or rural acreages.
    • Receive credit toward construction financing or permanent financing when you are ready to build.

Secondary Home Purchases and Residential Investment Properties

    • Quick pre-qualifications to purchase 1-4 family residential properties.
    • Affordable closing costs, competitive rates, and customized payments to fit your needs.
    • Cash out refinancing available for personal or business purposes.
    • Vacation homes and lake cabins financing anywhere in-state with local closings and servicing.


 Residential Mortgage Application