Apply

Items Needed for Pre-Approval

Complete these three steps for a prompt pre-approval:

  1. Click here to print out Loan Application Worksheet, and fill out completely;
  2. Compile the appropriate documents from the checklist below; and
  3. Fax all documents, loan application and all other related documents, to 651-209-2929.

Or: Click Here to Apply Online!

**IMPORTANT INFORMATION ABOUT APPLICATION PROCEDURES To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.   What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

For a prompt response to your application, please send all documents at the same time. Once your credit report is pulled and your employment is verified, your pre-approval has a 48 hour turn around time.

As first time home buyer, you are required to attend a state approved 8 hour home buyer education class. This class can be taken either in-person or online. Use the we blink to register for the class that meets your schedule.  There are different costs for each class ranging from $35-$75 per household. Only 1 borrower is required to attend. 

PLEASE NOTE: <br><br> This link is being provided to you as a courtesy of Lake Area Mortgage, A Division of Lake Area Bank. Lake Area Mortgage is not endorsing or guaranteeing the products, information, or recommendations by linked sites. Lake Area Mortgage is not liable for any failure of products or services advertised on linked sites. The linked third-party site may provide less security than Lake Area Mortgage’s web site. It is important that you understand our Privacy Policy does not apply to any third-party sites; therefore, we encourage you to read the security/privacy information for each site you visit.<br><br> <a href="http://www.hocmn.org/buyingahome/framework/" target="_blank"><img width="100px" src="http://www.mndownpaymentassistance.com/wp-content/uploads/2014/01/continue-button.gif"></a>

PLEASE NOTE: <br><br> This link is being provided to you as a courtesy of Lake Area Mortgage, A Division of Lake Area Bank. Lake Area Mortgage is not endorsing or guaranteeing the products, information, or recommendations by linked sites. Lake Area Mortgage is not liable for any failure of products or services advertised on linked sites. The linked third-party site may provide less security than Lake Area Mortgage’s web site. It is important that you understand our Privacy Policy does not apply to any third-party sites; therefore, we encourage you to read the security/privacy information for each site you visit.<br><br> <a href="http://www.hocmn.org/buyingahome/home-stretch-workshop/" target="_blank"><img width="100px" src="http://www.mndownpaymentassistance.com/wp-content/uploads/2014/01/continue-button.gif"></a>

(upon completion, print the Certificate of Approval and send to Mortgage Banker)

Checklist – Personal Mortgage Loan

After applying for your loan and reviewing the applicable disclosures, please supply the following information if you would like to proceed with your mortgage loan application:

  1. Copy of W-2 forms and 1099’s if self employed, for two previous years
  2. Copy of Driver’s License
  3. Most recent pay stubs (for past month)
  4. Copies of Federal Income Tax returns (ALL PAGES) 2013, 2012 & 2011 (State tax returns not required)
  5. Copies of bank statements (ALL PAGES) for the last two months (i.e. savings, checking, money market accounts, mutual funds, stocks, 401(k), etc.)
  6. If presently own a home – copy of current mortgage statement
  7. Copies (ALL PAGES) of divorce decree and/or bankruptcy paperwork – petition, schedule of debt’s, and discharge (if applicable)

Additional Information…

For VA Loan applicants:

  1. Copy of DD-214 (discharge papers)
  2. Original Certificate of Eligibility

If obtaining down payment assistance:

If you are married and/or have anyone else living in your home over the age of 18, the following information will be needed from them, as well as yourself:

  1. W2′s for 2013 and 2012 (spouse/significant other if obtaining down payment assistance). Legible copy of Driver’s License, make sure we can see your face
  2. Pay stubs for last 30 days
  3. Federal Tax Returns 2013, 2012, 2011 and (corporate tax returns if self employed)
  4. Bank statements for the last 2 months 60 days activity (ALL PAGES even if 1st page is advertisement or last page is blank)

Credit will not be pulled on those in your household affected by the 4 items above; credit will only be pulled on those applying for the mortgage and assistance. Those providing this additional information will be asked, at a later time, to sign IRS form 4506T to request tax transcripts from IRS.

Only send the following information if applicable to your situation:

  1. Detailed 2 year work history for all jobs worked, 1099′s and W2′s, including dates unemployed, for spouse/significant other (if obtaining down payment assistance)
  2. 2013 and 2012 proof of unemployment income earned for spouse/significant other (if obtaining down payment assistance)
  3. Bankruptcy paperwork (ALL PAGES) of petition, schedule of debt’s and discharge
  4. 2013 Social Security Award Letters for spouse/significant other (if obtaining down payment assistance)
  5. Divorce Decree (ALL PAGES)
  6. Paternity court order (ALL PAGES), if receiving or paying child support

Gift Funds instructions^:
http://www.mndownpaymentassistance.com/about/apply/gift-documentation/

Income and Employment Verification^:
http://www.mndownpaymentassistance.com/about/apply/www-theworknumber-com/

6 thoughts on “Apply

  1. Nicole

    Hello,

    I have some questions about the first time home buyers programs available to my family. We are looking for a home in Washington County, and wondering if income can be used for a job that was just started in January or how that works. Can be reached at 651-983-5928

    Thanks

  2. Kim Hanson

    Hello! I live in Greenbush, MN. I’ve been renting for 1 1/2 yrs. now. I am looking to purchase a home for myself and my 2 daughters in this area. I’m hoping this program will work for me. I was dealing on a home but the seller hadn’t made payments and it went into foreclosure. Is there a way to still purchase this home?
    Thank you, Kim

  3. Sandy Gardner

    Hello my name is Sandy Im interested in getting more information about your program. Thanks

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