Loan Options

Find out more about our loan options. One of our experienced professionals can help you navigate through the many options. We can advise you which loan option best fits your needs.


FHA Loans

Government insured mortgage. Loan limits vary per county. Only 3.5% down payment required. The loan does require mortgage insurance. This is the most common loan for first time home buyers.

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Conventional Loans

The traditional mortgage. 20% down payment is required to avoid PMI. PMI can be terminated without refinancing. This loan option usually has the lowest cost  and lowest payment overall. 

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VA Loans

Loan is guaranteed by Department of Veteran Affairs. Must be a veteran with certificate of eligibility. No down payment required. No mortgage insurance. Low rates and monthly payments.

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Minnesota Housing

Minnesota Housing Finance Agency has up to $12,000 available for closing costs and down payment. Grant options are available for those that meet the income limit requirement. 

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Down Payment Assistance

Neighborhood Programs, City Programs, and County Programs. Neighborhood  Stabilization Programs (NSP). Greater Metropolitan Housing Corporation (GMHC). Funds availability vary.

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HomeStyle Renovation Loans

Fannie Mae HomeStyle Renovation Loan. Available for Purchase and Refinance. Finance up 95% of the future renovated value of home. Minimal limits and restrictions for work and budget.

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FHA 203K Renovation Loans

FHA Insured Renovation Loans for Purchase and Refinance. Finance the future renovated value of your home. County loan limits apply. Most options require approved contractors.


Renovation Loans

Summary of  Renovation Loan options. Compare and pre-qualify for Renovation Options including FHA 203K, HomeStyle, Minnesota Housing Fix-It, HELOCs, and 2nd Mortgages.

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HARP Refinance

Home Affordable Refinance Program (HARP 2.0). Relief refinance for conventional loans originated prior to 5/31/2009. No appraisal is required. Low income and low credit accepted.

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Jumbo Loans

Non-conforming loan for mortgage balances greater than $417,000. Offered by private investors. Up to $2.5 million loan limit. No PMI. ARMs and Interest Only options are available.

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USDA Rural Development Loans

US Dept of Agriculture loan. No down payment is required. USDA Loans require a Guarantee Fee and monthly mortgage insurance. Large geographic area is eligible for USDA loans.

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Fixed vs. Adjustable Rates

Explore the benefits of Fixed Rate options vs Adjustable Rate Mortgages. Lean more about the types of programs and terms. See which option is best for you based on your goals.

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Is there a loan option you are looking for that is not here? Tell us more. We would like to help.


The New Homeowner Center at Summit Mortgage wants to offer a level of service above your expectations. We know that communication is the most important thing about your home buying process. We make ourselves available on your time. Call us today, or whenever. Let us know how we can help. We want your feedback.

Call Us Now – 612-226-3559