Home Loans

Can you get a home loan with less than perfect credit?

Yes; however, much is determined by your credit score. Certain loan programs have minimum credit scores that need to be met for eligibility. In most cases, if your credit score is below 720, interest rates are higher and you may need more down payment to do a home loan. If your credit score is below 620, it will be very difficult to quality for a home loan program.

It is always best to visit with a Mortgage Loan Officer in a Prequalification Session so that your credit score and specific situation can be discussed. Call our Mortgage Loan Officer at 701-223-6533.

Can I download a home loan application online?

Since there are many scenarios purchasing, refinancing etc., we would prefer you call us at 701-223-6533 and ask for Steve DeLap. He will send you an application along with a list of other information needed and then set up an appointment time for you to come in.

What percentage of a home appraised value can you borrow for a home equity loan or line of credit?

We go up to 90% of the city assessed value or appraisal value.  We try to use the city assessed value when we can as you save the cost of the appraisal that way.  If the city assessed value isn't sufficient or you are requesting a credit line of $250,000.00 or more, an appraisal can be ordered. The cost of the appraisal will be your responsibility.

The amount you may have available is calculated like this:

Appraisal Value X .90 = amount available for mortgages
-minus any 1st mortgage balance:
equals amount available for a Home Equity Loan.

You still have to qualify with your credit and the new payment. The loan can be used to consolidate loans, credit cards, home improvement, college, etc.  Thanks for asking the question.