Loan Options

A house is sitting on a small island in the middle of a lake surrounded by trees.

Conventional Loans

Conventional loans are not backed by government agencies and are popular for financing lake homes in Minnesota due to their flexibility:


  • 3 or 5% Minimum Down Payment
  • Good Credit
  • No Upfront Fee
  • No Private Mortgage Insurance (PMI) with 20% Down
  • PMI Removed at 78% LTV (primary home)

FHA Loans

FHA loans are insured by the Federal Housing Administration and are ideal for first-time lake home buyers or those with moderate incomes:


  • 3.5% Minimum Down Payment
  • Easier to Qualify, More Flexible for Lower Credit Scores
  • Monthly Mortgage Insurance
  • Max Loan Amount Varies Slightly by State/County
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VA Loans

VA loans provide excellent terms for U.S. veterans and their families looking to live near Minnesota's serene lakes:


  • 0% Down Payment
  • Must Meet VA Enlistment Qualifications for Program
  • No monthly mortgage insurance

USDA Loans

A USDA loan, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture. USDA loans are perfect for purchasing rural and suburban lake homes:


  • 0% Down Payment
  • Property Must Be Located in Qualified Area
  • Maximum household income limit is based on number of occupants (varies by State/County)
  • Upfront fee to USDA is 1.0% of loan, rolled into loan
  • Minimal monthly mortgage insurance
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A house is sitting on the shore of a lake in the middle of a forest.

Jumbo Loans

Our jumbo loan program caters to properties exceeding the federal mortgage limits established by Fannie Mae and Freddie Mac. It specifically addresses the financing needs of high-value lake home properties that surpass the average home price, resulting in stricter eligibility criteria.


  • 90% Loans With as Little as 10% Down With No PMI
  • 30, 20, and 15-year Fixed Programs
  • Interest-only and ARM Programs
  • Projected Income With Signed Job Offer/Contract Acceptable if Starting Within 60 Days of Closing (great for relocation clients)


Reverse Mortgages

Reverse mortgages allow homeowners aged 62 or older to convert part of their home equity into cash without monthly mortgage payments, enhancing their lifestyle beside Minnesota's beautiful lakes.


By leveraging the Reverse Mortgage, older homeowners can tap into their accumulated home equity and receive cash payments, offering a financial resource that can enhance their retirement years.

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A man and a woman are laying on a couch in a living room.

First Time Homebuyers

First-time homebuyer programs are abundant in Minnesota, providing assistance with down payments and closing costs to make lake home ownership attainable:


  • 3.5% minimum down payment
  • Easier to Qualify, more flexible for lower credit scores
  • Monthly mortgage insurance

Other Loan Options

Don't see a loan option listed here for you? Just reach out - we likely have a solution! Here are just a few other products we commonly offer:


  • Portfolio Loans
  • Second Home Loans
  • Lot Loans
  • Construction Loans
  • And so much more!


Don't see the loan you need? Contact us for personalized assistance and additional options. Whether you're buying your first lake home or upgrading to a larger property, we're here to help navigate the complexities of lake home financing in Minnesota.

A lake with houses on the shore and trees reflected in the water.