NMHL Mortgage Lending
Mortgage Lender in Lakeville, MN
Local expertise and competitive rates for Lakeville homebuyers.
Lakeville Housing Market Overview
Explore mortgage options in Lakeville, MN with NMHL. Our local expertise helps you navigate the Lakeville real estate market with competitive rates and personalized service.
See What You Qualify For
Takes about 5 minutes. No obligation. No credit check until you are ready.
Your Local Mortgage Partner
We understand the local market dynamics that affect your home purchase. Our team provides personalized loan options based on local property values and regulations.
Available Loan Programs in Lakeville
Explore mortgage options tailored to Lakeville homebuyers
First Time Home Buyer Mortgages
Special loan programs helping newcomers purchase their first home with favorable terms and support.
Learn MoreRefi-Shield
Learn MoreAdjustable-Rate Mortgage (ARM)
Financial flexibility and optimal rates with an Adjustable-Rate Mortgage – Your key to a dynamic homeownership journey
Learn MoreHigh-Value Appraisal Program
Learn MoreInterest Only Mortgages
Interest-only mortgages allow borrowers to pay only the interest for a set period, reducing initial monthly payments.
Learn MoreHome Equity Loans
Access the equity in your home with a fixed-rate home equity loan. Get a lump sum with predictable monthly payments for ...
Learn MoreFHA Loans
Federal Housing Administration (FHA) loans are government-backed mortgages designed to help first-time homebuyers and th...
Learn MoreFixed-Rate Mortgage
Lock in your interest rate for the life of the loan with a fixed-rate mortgage. Predictable monthly payments make budget...
Learn MoreBridge Loans
Bridge the gap between buying your new home and selling your current one. Short-term financing that gives you the flexib...
Learn MoreVA Loans
VA loans are a benefit earned by veterans, active-duty service members, and eligible surviving spouses. Backed by the De...
Learn MoreConventional Loans
Conventional loans are not backed by government agencies and typically offer the most flexibility for qualified borrower...
Learn MoreITIN Loans
Purchase a home using your Individual Taxpayer Identification Number (ITIN) without a Social Security Number. NMHL is co...
Learn MoreJumbo Loans
Jumbo loans exceed conforming loan limits and are designed for luxury properties and homes in high-cost areas. With comp...
Learn MoreDSCR Investment Loans
Debt Service Coverage Ratio (DSCR) loans qualify based on rental income rather than personal income. Perfect for real es...
Learn MoreBank Statement Loans
Bank statement loans are designed for self-employed borrowers and business owners who have difficulty documenting income...
Learn MoreReverse Mortgages
For homeowners 62 and older, reverse mortgages allow you to access your home equity without monthly payments. Stay in yo...
Learn MoreUSDA Mortgages
USDA Rural Development loans help moderate-income buyers purchase homes in eligible rural and suburban areas. With no do...
Learn MoreHeloc
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Our Presence
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Lakeville's Thriving Neighborhoods
Lakeville is comprised of several desirable neighborhoods, each with its unique character and amenities. Popular areas include Lakeville's downtown, which offers a mix of new construction and established homes, as well as neighborhoods like Lexington Farms and Sunfield, known for their family-friendly atmosphere and top-rated schools.
- Downtown Lakeville: A hub for community events and local businesses, downtown Lakeville is an attractive area for homebuyers.
- Lexington Farms: This neighborhood is prized for its parks, trails, and highly rated schools.
NMHL's local expertise can help you navigate Lakeville's diverse neighborhoods and find the perfect home to fit your needs and budget.
Mortgage Options for Underserved Borrowers
At NMHL, we specialize in serving borrowers who may not fit the traditional lending mold. Our mortgage programs cater to individuals with bad credit, self-employed individuals, and veterans. We offer alternative credit scoring models and more lenient income verification processes to help these borrowers achieve homeownership.
Some of the programs available include:
- VA Loans: For eligible veterans, offering favorable terms and lower interest rates.
- FHA Loans: With down payments as low as 3.5%, these loans are ideal for first-time homebuyers or those with lower credit scores.
Don't let credit challenges or non-traditional income hold you back. Contact NMHL today to explore your mortgage options.
Understanding Property Taxes in Lakeville
As a homeowner in Lakeville, you'll need to consider property taxes as part of your overall housing costs. The average effective property tax rate in Lakeville is around 1.23%. NMHL can help you understand how these taxes impact your mortgage payments and overall affordability. We can also guide you through the process of escrowing property taxes as part of your mortgage.
Factoring property taxes into your mortgage planning can help you avoid surprises down the line. Let NMHL help you get a clear picture of your total housing costs.
First-Time Homebuyer Programs in Minnesota
Minnesota offers several programs to assist first-time homebuyers, including the Minnesota Housing Finance Agency's (MHFA) First Time Homebuyer Program. These programs provide down payment assistance, competitive interest rates, and other benefits to help make homeownership more accessible. NMHL can help you navigate these programs and determine your eligibility.
- MHFA First Time Homebuyer Program: Offers down payment assistance and competitive rates for qualified borrowers.
Take advantage of Minnesota's first-time homebuyer programs with NMHL's expert guidance. Start your homebuying journey today.
Frequently Asked Questions
Mortgage rates in Lakeville vary based on the type of loan, your credit profile, and other factors. At NMHL, we offer competitive rates starting from 6.5% APR for conventional loans. Contact us for a personalized rate quote and to discuss your mortgage options.
NMHL offers mortgage options for borrowers with less-than-perfect credit. Our FHA loan programs, for example, allow credit scores as low as 580 with a 3.5% down payment. We also consider alternative credit scoring models for self-employed individuals and those with non-traditional credit histories. Reach out to us to explore your options.
Lakeville's average effective property tax rate is around 1.23% of the home's value, which is slightly higher than the state average. As a homeowner, you'll need to factor this into your overall housing costs. NMHL can help you understand how property taxes impact your mortgage payments and overall affordability.
Yes, Lakeville residents can access various down payment assistance programs, including the Minnesota Housing Finance Agency's (MHFA) Down Payment Assistance Program. NMHL can guide you through the eligibility requirements and application process for these programs, helping you secure the funds you need for a down payment.
Lakeville is served by the Independent School District 194, which is highly rated and can positively impact home values. Homes within top-rated school districts tend to appreciate in value over time, making them a valuable investment for families. NMHL can help you understand how school districts factor into your mortgage decision and overall homebuying strategy.
NMHL offers a range of mortgage products for first-time homebuyers, including FHA loans with as little as 3.5% down and MHFA's First Time Homebuyer Program. Our experienced loan officers can help you navigate the process and identify the best loan options for your situation. Contact us to get pre-approved and start your homebuying journey.
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Ready to Buy in Lakeville?
Let NMHL help you navigate the Lakeville housing market with expert guidance and competitive rates.