Find the Right Mortgage For You

When you are ready to purchase a home, one of the questions that might arise is, "Which home loan should I choose?" There are a lot of options, which can make the decision process challenging. CorTrust is here to alleviate any confusion and teach you the key differences between our various home loan options. And don't hesitate to schedule a consultation with our mortgage experts to get all your mortgage questions answered.

These loan programs are offered by the South Dakota Housing Development Authority and the Minnesota Housing Finance Agency with the first-time home buyer in mind. The program offers down payment and closing cost assistance for eligible home buyers who qualify. These loans have interest rates that are attractive, however there are income and other qualification requirements.

If you are a home buyer with financial woes, have no fear! There are many grant programs at our disposal to help:

  • GROW South Dakota provides first- and second-time home buyers up to $10,500, in some areas, towards down payment and closing costs, payable back to GROW South Dakota with the sale of the home.
  • Federal Home Loan Bank provides a program for first-time home buyers with $5,000 towards down payment and closing costs, forgivable over five years and prorated, subject to available funds.
  • Grants for Grads is a program offered through the South Dakota Housing Development Authority, and provides first-time home buyers, who are also recent graduates, funding for down payment and/or closing costs, and a lower interest rate mortgage loan.
  • Minnesota Housing Step Up is intended for repeat home buyers or those looking to refinance that meet income limits, purchase price limits, and credit score requirements. Plus, this program provides payment and closing costs loans up to $15,000 - a unique option for refinancing.
  • Minnesota Housing Start Up is intended for first-time home buyers that meet income limits, as well as purchase limits and credit score requirements. This program offers an affordable, fixed interest rate for the life of the loan, and down payment and closing costs loans up to $15,000.

Keep in mind that there are income and location limitations to some of these programs.

Conventional loans offer various terms, such as 10, 15, 20, and 30 year options. These loans have a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer.

An ARM is a mortgage whose rate of interest is adjusted periodically to reflect market conditions. This means that the monthly payments can go up or down.

These government guaranteed housing programs require a small, or in the case of VA loans, no down payment. FHA loans benefit people whose housing payments will be a large chunk of take-home pay and/or individuals with low credit scores. VA loans are available to most active-duty military and veterans.

Are you looking to buy, build, repair, or refinance a single family rural home? Our RD loans, which are backed by the U.S. Department of Agriculture (USDA), offer low interest, fixed-rate loans to qualified persons. Eligibility for these loans and grants is based upon geographical location in addition to income requirements, which vary according to the average median income for each area.

We offer a convenient one-time close construction and permanent financing option, making building your dream home a breeze. Single-close financing allows us to underwrite and close on your construction and mortgage loan at the same time using one set of closing documents.

We also have our HomeStyle® Renovation Mortgage that provides borrowers the ability to purchase and renovate a home using a conventional first mortgage. You can also refinance a mortgage on an existing home to make renovations using a lower cost mortgage financing option, instead of utilizing expensive credit cards to finance your renovation.

We offer to eligible borrowers loans up to $1,500,000, for the purchase or refinance of your primary residence, second home, or investment properties. Our MPF Direct Loan Program is for loan amounts in excess of a conventional loan maximum limit of $484,350.

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Get all of your mortgage questions answered, by scheduling a consultation with one of our mortgage experts today!