Rochester packs remarkable variety into 56 square miles. In Southwest Rochester, $310,000 buys a 1970s split-entry near Lourdes High School; values here rose 6.8 % last year on walkability to the new Shops at University Square. Move north to Northwest and you’ll find 1990s two-stories backing onto Salem Woods—popular with Mayo anesthesiologists for the 8-minute bike commute via the Douglas Trail.

Downtown condos start at $230k for loft-style units in the historic Marquee; HOA dues ($220) include heated skyway access so you never scrape ice off your windshield again. First-time buyers flock to Byron where $285k buys a brand-new 1,650-sq-ft rambler with granite and 3-car garage—still inside Rochester School District 535.

Prefer small-town charm? Stewartville’s 1,500 population hosts Depot Days every September and offers USDA-eligible lots under $100k where you can build a custom home for $270/sq ft. Property taxes drop 15 % versus city limits, and the 30-minute drive on Hwy 63 is counter-flow traffic for most Mayo shifts.

Minnesota Housing Finance Agency’s Start Up program pairs 3 % down-payment conventional loans with below-market rates—today 0.375 % under Fannie Mae. Income caps are generous: $108,900 for a 1-2 person household in Olmsted County, and the home-price limit is $382,000—well above Rochester’s median.

Rochester’s own HOMES down-payment assistance hands out $10k–$15k that’s forgiven after five years of owner occupancy. Stack it with Minnesota Housing’s Monthly Payment Loan and you can bring $0 to closing. Teachers, nurses, and firefighters earn an extra $500 in lender credit through NMHL’s Community Hero program.

Credit bruised? Our Fresh-Start non-prime loan accepts one-day-out-of-foreclosure with 20 % down or 10 % if the event was medical-related—common in a healthcare city. We report to all three bureaus so your on-time Rochester mortgage quickly rebuilds your score.

Despite Mayo’s civilian reputation, Olmsted County hosts 11,800 veterans and 1,200 active reservists. The VA guarantees 100 % financing up to $726,200 in 2024, covering every Rochester listing under $700k with zero monthly mortgage insurance. NMHL’s VA EZ-Qual tier waives the funding fee for 10 % + service-connected disability and closes in 21 days—critical during the June residency shuffle.

Surviving spouses can reuse entitlement after foreclosure; we recently helped a widow in Pleasant Grove purchase a $295k ranch with $0 down two years after a short-sale. VA buyers also win in multiple-offer situations because our underwriter calls listing agents to explain the 4 % seller concession limit and 0 % down requirement—removing fear of low appraisal shortfalls.

Mayo contracts thousands of traveling nurses, locum tenens physicians, and vendor reps paid on 1099s. Traditional underwriting demands two years of tax returns, but aggressive depreciation often wipes out qualifying income. NMHL’s 12- or 24-month bank-statement program uses gross deposits instead of taxable income—averaged and multiplied by 0.85 to account for expenses.

Example: A traveling cath-lab tech shows $140k in deposits over 24 months; we qualify her at $119k, supporting a $425k purchase with 10 % down. Rates run 0.5 % above conventional, but the mortgage interest deduction and appreciation usually offset the delta within 18 months. We allow business accounts, personal accounts, or a mix—no CPA letter required if statements are clear.

Seasonal income from Rochester’s Thursdays on First vendors or Med-City Marathon concessions is averaged over three years, and we only need a P&L signed by the borrower—not audited—so you can close in April before the busy season hits.

Olmsted County issues tax statements in May with half due May 15 and half Oct 15. When you close in July, the seller credits you for taxes accruing from Jan 1 to closing; your first escrow deposit is 2–3 months of the annual bill. On a $310k home, expect roughly $840 collected at closing plus $280 per month thereafter.

Homestead Market Value Exclusion knocks up to $30,000 off taxable value for owner-occupants, saving about $325 annually—file once at the Government Center on 4th St SE. Seniors 65 + with income under $60k can defer the entire tax until sale, freeing cash flow for medical expenses.

If your new construction in Wildwood Park isn’t assessed until next year, NMHL will escrow 1.25 % of purchase price as a cushion so you’re not blindsided by a jump from land value to improved value. We review escrow accounts every August and automatically lower your payment if assessments come in lower than estimated.

We live here—our underwriters tailgate at Mayo Spartans games and volunteer at Channel One Food Bank. That local knowledge translates into faster answers: when a listing agent on Zumbro Lane questions a low appraisal, we pull three Rochester comps within 30 minutes instead of waiting for a Twin Cities review desk.

Products: conventional, jumbo, FHA, VA, USDA, renovation, construction, bank-statement, asset-depletion, ITIN, and fresh-start credit scores to 500. Technology: full digital application with Rochester-specific disclosure packages that reference Olmsted County deed tax and Minnesota’s mortgage registry tax so cash-to-close estimates are accurate to the dollar.

Speed: average 18 days from contract to close, critical during Mayo’s June orientation window. Service: after-hours cell numbers for traveling nurses finishing night shift at St Marys who need a pre-approval letter at 6 a.m. before the 7 a.m. open house.