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Affordable Financing
Future Wealth Starts at Home
The team, resources, and funding to help you on your journey to homeownership.
Accessible loan programs
Affordable interest
Down payment assistance
Guidance throughout the loan process
Meet Lance Elliot
Community Development Mortgage Officer | NMLS 1991339
Contact Lance for a personalized homeownership conversation.
Affordable Financing
Frandsen Bank & Trust is committed to helping to close the homeownership gap in our communities.
Accessible Homeownership1
First-time homebuyer loan as low as 4.99% interest rate2 1 | 5.10% APR*
Refinancing options starting at 5.99% interest rate3 | 6.10% APR
30-year fixed loan with no mortgage insurance
3% down payment, only $1,000 homeowner contribution requirement
Some programs can be combined with other offers
Available in select locations in Hennepin and Ramsey counties
Partner Programs
Unlock additional resources to improve your financial position and finance your property purchase.
Government financing
Non-profit parnters
Financial wellness coaching
Homeownership advisors
Credit repair
Down Payment Assistance Programs
Get Help Getting Started
Set up a no-oblication appointment to review qualifications and requirements to find your best solution.
Downpayment Assistance Grant
$15,000 in grant funds offered from Frandsen Bank & Trust4
Can be combined with other offers
Available in select locations in Hennepin and Ramsey counties
Partner Programs
Home$tart downpayment and closing cost assistance
Minnesota Housing Finance Agency First-Generation Homebuyer Loan
Various county and neighborhood options, check for fund availability
Pre-Application Checklist
Get Your Finances Ready; We Can Help
Before you apply, our loan officers can help you review the key financial indicators that influence your loan approval. Start with this easy checklist to make sure you’re prepared.
Frequently Asked Mortgage Questions
Buying a home is a big step, and it’s natural to have questions along the way. We’ve gathered some of the most common mortgage questions to help you feel confident and informed as you explore your options.
How much money do I need for a down payment?
Minimum down payments depend on the type of loan you choose. While it is recommended to have 20 percent of your total loan, many borrower programs allow for a down payment as low as 3 percent.
How do I know how much house I can afford?
A good rule of thumb is to keep your monthly housing costs at or below 30 percent of your gross monthly income. A mortgage pre-qualification with your local Frandsen Bank & Trust mortgage lender can help you determine your buying power.
Can I still buy a home if I have student loan debt?
Having student loans doesn’t automatically disqualify you. Lenders look at your overall debt -to-income ratio, credit history, and ability to repay. Many first-time buyers with student loans successfully qualify for a mortgage, with the right guidance and preparation.
Important Legal Disclosures & Information
Rates are effective as of April 1, 2026. Rates and terms are subject to change without notice.
Payment example for a $200,000 loan is 360 monthly payments of $1,072.42. The example payment amount is an estimate and does not include taxes and insurance premiums. Actual payment obligations may vary and could be higher.
Payment example for a $200,000 loan is 360 monthly payments of $1,197.82. The example payment amount is an estimate and does not include taxes and insurance premiums. Actual payment obligations may vary and could be higher.
While program funds are available.
APR = Annual Percentage Rate
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