Why Work with Citizens State Bank Mortgage Lenders?
- We offer fast and thorough preapprovals with verified income, credit and down payment all ready for the offer to be presented to the sellers.
- Quick turn around time
- We are with our clients every step of the way to make the process easy for everyone.
- We have have our clients best interest at top of mind in order to provide the best solution.
- Permanent loan stays with you
- Origination fees paid to you
Megan Holcomb
NMLS#452652
Jamie Van Pelt
NMLS#1229275
Steve Miller
NMLS#452650
Finding a loan program that fits your clients needs
- Conventional loans
- FHA loans
- VA Loans
- USDA loans for rural communities
- Construction loans
- Non-conforming
- Properties/Excess Acres loans
- Recreational Land Loans
- Residential Lot loans
- Specialty Loans (Bridge or Swing loans)
- Major Renovation Loans
How Origination Fees Are
Paid to You
Residential Primary or Vacation/ Second Home Loans
Loan Programs for Conforming or Non-Conforming Properties.
- Purchase or Refinance
- 80% LTV First Mortgage Loans
- 7 or 10 Year Fixed Rate Balloon Loan
- Amortization up to 30 years
- Includes Non-Eligible Fannie Mae & Freddie Mac Loans.
Acceptable Property Types - Owner Occupied
- Non-Warrantable Condos
- Properties with Excess Acres (no limit)
- Properties with Tillable Acreage
- Manufactured/Mobile Homes
- Dome Homes
- Shed Houses and Barndominiums
- Income Producing Properties
Three Season Homes
*Non-Owner Occupied Investment Properties can be financed under our Business Loan Programs.
Home Equity Loans and Lines of Credit
Great for utilizing equity in borrowers' home for:
- Home Improvements
- Consolidation of Debts
- Cash out/Personal use
- Just about anything!
Acceptable Property Types - Owner Occupied
- 2nd mortgage up to 95% LTV
- Single Family Dwellings
- Two-unit Duplexes
- Condominium/Townhomes
- Personal Use
- Vacation/Secondary Home- 75% Max LTV (suitable for year-round living)
- Property cannot be listed for sale (we do offer Bridge /Swing loans for properties listed for sale)
Home Equity Lines of Credit
- 10 year agreement, Interest-only Payments
- Underwritten with 240-month amortization for qualifying
- Loans >85% LTV are limited to $250,000 loan value
Home Equity Term Loan
- 7 year fixed rate balloon, Monthly Principal & Interest Payments
- Underwritten with 240-month amortization for qualifying
- Loans >85% LTV are limited to $250,000 loan amount
At the the end of their loan term, we will complete our renewal process.
- Gather updated information from borrower
- Underwrite with the current available rate for another term/agreement
Residential Lot Loans
Designed for someone who has found a residential lot but is not ready to build.
- 7 year fixed rate balloon
- Monthly Principal & Interest Payments
- 15% down
- Underwritten with a 240- month amortization for qualifying
At the the end of their lot loan term and borrower is not ready to build, we will complete our renewal process.
- Gather updated information from borrower
- Underwrite with the current available rate for desired term
Once ready to build, we will do a construction loan to pay off lot loan. Referring broker will process end loan once construction is complete.
Recreational Land Loans (Non-Residential/Raw Land)
Allows a borrower to purchase land for recreational use.
No home is located on the land or the home does not qualify as a conforming home. (ex: hunting land or other recreational use)
- 7 year fixed rate balloon
- Monthly Principal and Interest Payments
- 20% down
- Underwritten with a 240-month amortization for qualifying
At maturity we will complete our renewal process.
- Gather updated information from borrower
- Underwrite with the current available rate for another term
Construction Loan/Major Renovation Loan
We do the front end and get the home built, you do end loan for permanent financing.
- 12 month fixed rate term, Interest Only Payments
- Up to 90% LTV
What's in it for you?
- Make .50% origination fee
- Appraisal can be ordered by you
- Appraised value is "as completed"
- Title Company of your choice can be used assuming they can insure our construction loan
Temporary Loans
Bridge Loans /Swing Loans
Temporary Loans allows the equity in a current Primary Residence to be used to close on a new Primary Residence before departing home is sold.
- Bridge loan is secured by both homes, departing and new.
- Swing loan is secured by either the departing or the new home.
Program highlights
- 6 month fixed interest rate
- Interest Only Payments
- Max 85% LTV
- Loan is paid off when the departing home sells.
SBA and Conventional Business Loans
Commercial property Bank loans
- Owner occupied multi-purpose property, up to 80%LTV.
- 1-4 Family Residential, up to 80%LTV.
- Investment multi-purpose, up to 75%LTV.
- Specialized use properties, our LTV is limited up to70%.
Loan program details
- 1% broker loan origination fee
- .25% bank loan origination fee
- $250 loan documentation
- $200 underwrite/processing fee
- Appraisal, title work, recording fees, etc.
- There is a prepayment penalty should the loan be paid off prior to maturity with another creditor amount TBD.
- Business loan programs offer fixed rate financing up to the first 7 years of the loan, full term options available on case-by-case basis. Up to a 20-or 25-yearamortization.
- Traditional lending area will consider looking at all business-related request in MN or WI, Citizens State Bank reserves the right to accept or reject any property/project at its own discretion
Other loans we offer
- Business Equipment
- Business Operating lines
- Lot purchases (25% down, 20 year amortization)
- Infrastructure (30% down)
- Construction loan for multi-family (25% down)
- Recreational land loans (35% down, 20 year amortization)
- Non-agriculture
- Non-residential
- Bridge/Swing Temporary loan (6 months)
"Let's partner up to navigate the path to owning their dream home!"