Than YOU could be a home owner, and We Can Help
Buying a home is much more than a financial transaction. It means independence, growth, and a place to share with family and friends. We offer the programs and resources that will help you buy a home and be a successful homeowner. Low and no down payment loans, down payment assistance programs, affordable fixed interest rates, help you with home buyer education classes, and a wide variety of loan assistance options, including both loans and grants to meet your needs.
Figuring all this out can become overwhelming for many, so we suggest you don't try. We make it easy for you. Simply review the steps below on how to get started.
Whether you’re just starting your home search or have already found that perfect dream home, Cambria Mortgage has you covered!
Pick one of these options to start:
Once we have your information, an experienced Loan Officer will review your application with you, determine what loan programs you qualify for, if you qualify for down payment assistance, how much house you can afford, what your payments might look like, and how much money you may need for down payment and closing costs.
Assuming your application review went well, you will need to provide your supporting documents for review. Typical documents are the last 30-days of pay stubs, last two years of W2's (all jobs), and your last two months of bank statements (real statements, like they would mail to your home). If you are using down payment assistance, we will also need the last three years of Federal tax returns. Your Loan Officer will let you know if you need other items depending on your personal situation. Common additional items are divorce papers, bankruptcy papers, and foreclosure documents. Upload Documents
After all your supporting documents have been reviewed, you will be given a Pre-Approval Letter that is needed by the Real Estate Agent to make any offer on a home. This letter tells the Real Estate Agents and sellers your financing looks good, and they can trust you can get a loan to buy the home. If you are buying in the Twin Cities metro area, we can refer you a good Real Estate Agent too if you need one.
You can now talk to a Real Estate Agent to go over where you'd like to live, maximum purchase price, how many bedrooms, etc. The agent will help you find houses that match, then present offers and negotiate on your behalf.
Once you have an accepted offer on a home, everything will come back to your Cambria Mortgage Loan Officer, who will order an appraisal on the home, and get everything into Underwriting for a final review and approval.
Congratulations. You've applied for financing, found a home, made an offer, and been fully approved. The only thing left is the closing, where you will sign all your final loan paperwork, and be handed the keys to your own home! This generally happens between 30 - 60 days after signing your purchase agreement.
Ready for a full loan approval? It’s easy. Just click the appropriate button below to get started. There is never any obligation to get Pre-Approved to buy a home. This also allows you to get very accurate estimates of monthly payments, loan options specific to your situation. how much house you can afford, etc. You'll also be ready to act fast when you find that perfect home with a certified Pre-Approval Letter in hand.
By Phone
Call us M-F 8:30 AM - 6:00 PM.
[NOTE]: By completing the online application, you are not obligating yourself to anything. You are just giving us enough information so that we can determine what loans you qualify for, how much house you can buy, what interest rates you can expect, etc. We still need to speak with you, and get your confirmation to go forward with any actual loan.
Upon completion, you will receive information on how to submit your supporting documents (W2's, pay stubs, bank statements, tax returns, etc.)
Here are a few of the great reasons to choose a first time home buyer program with down payment assistance for your first Minnesota home
The Minnesota Housing Finance Agency is a statewide program designed to help low to medium income household become home owners. The program combines a standard first mortgage, like an FHA loan, or a conventional loan with one of two down payment assistance program second mortgages to cover down payment and closing costs.
Cambria Mortgage partners with the Minnesota Housing Finance Agency (MHFA) to offer safe and affordable home loans, including loans combined with down payment assistance for homes anywhere in Minnesota.
To Be Eligible for these programs, you:
It's easy! Three simple steps
Fill out the online mortgage loan application
Call us at (651) 552-3681.
Schedule a telephone or office appointment
The home you wish to buy must be under this purchase price. (as of Jan1 2021)
Limit | Area | Max Home Price |
---|---|---|
Purchase Limit | Metro Area | $382950 |
Purchase Limit | Balance of State | $311760 |
Location | property Type | Loan Limit | |
---|---|---|---|
11 County Metro | One Unit | $405500 | |
11 County Metro | Duplex | $515250 | |
Balance of State | One Unit | $346 | 362 |
Balance of State | Duplex | $456275 |
START UP PROGRAM Income limits (FIRST TIME HOME BUYER)
As of 6/15/2020 and subject to change
Household Size | Metro Area | Rochester Area | All Other Counties |
---|---|---|---|
1-2 people | $103400 | $101200 | $91800 |
3+ people | $118900 | $116300 | $105500 |
11-County Metro | Rochester Area | All Other Counties |
---|---|---|
$154600 | $154600 | $137200 |
On top of the basic first time home buyer loans, you may also qualify and get down payment assistance. The down payment assistance loan is not a gifts or grants, these are down payment assistance LOANS. You must pay them back.
Deferred Loan: No payments due today. Pay the loan back when you sell the home, or no longer occupy the home as your primary residence. This loan has stricter household income limits (see below).
Monthly payment loan: A payment is due today along with your main mortgage loan payments. The interest rate is the same as your first mortgage, and is a 10-year loan. This program allows for higher household incomes (see below).
There are two payback options.
DEFERRED PAYMENT: Maximum assistance loan is $8,000. No payments, no interest due. You pay the money back when you sell, refinance, or no longer occupy the home. Available with Start Up and Step Up Loans.
DEFERRED PAYMENT PLUS: Maximum assistance loan is $10,000. Limited to limited target criteria. No payments, no interest due. You pay the money back when you sell, refinance, or no longer occupy the home. Available with Start Up and Step Up Loans. Target criteria: Must meet two or more of these items:Household size of four or more
Household size | Metro Area | Rochester Area | Balance of State (as of 6/15/2020) |
---|---|---|---|
1-2 people | $74000 | $74000 | $66000 |
3 people | $84000 | $84000 | $74000 |
4 people | $93000 | $93000 | $83000 |
5 people | $101000 | $101000 | $89000 |
6 people | $108000 | $108000 | $96000 |
7+ people | $115000 | $115000 | $102000 |
Monthly payment assistance loans can be used with either Start Up or Step Up, and can be used if over the deferred assistance income level
Household Size | Metro Area | Rochester Area | All Other Counties |
---|---|---|---|
1-2 people | $10340 | $101200 | $91800 |
3+ people | $118900 | $116300 | $105500 |
*The 11-county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.
Current MHFA down payment assistance rate as of March 2020 is 4.125% and APR 4.493% based on sample loan of $280,000 purchase price, 3% down payment conventional 30-year fixed, $1,000 out of buyers pocket, no origination fee, and assistance 2nd mortgage. Assistance 2nd mortgage rate is also 4.125%, APR 4.125%. Not an offer to enter into an interest rate lock agreement. Not everyone will qualify. Equal Housing Lender. RATES SUBJECT TO CHANGE. Call your Loan officer for current rates.
33 Wentworth Ave E
Suite 290
West St Paul, MN 55118
(651) 252-1342
(651) 252-1FHA
Cambria Mortgage | NMLS# 322798
Joe Metzler, MLO. NMLS# 274132
Branch NMLS 1888858
Licensed in MN. WI, SD
Equal Housing Lender, Cambria Mortgage NMLS# 322798. Our lending services provided only in the following states: Minnesota, Wisconsin, Iowa, Colorado, Florida, North Dakota, South Dakota, and Texas. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 2020, Joe Metzler, NMLS 274132