Own Your Future 

Future wealth starts at home. Frandsen Bank & Trust has the people, resources, and funding to help you on your journey to homeownership. Our dedicated community development loan officer Lance Elliott specializes in assisting first-time homebuyers.

Mortgages for First-Time Homebuyers

Feel free to apply online today! It's secure, simple, and saves time!

You may be eligible for special assistance if you are a first-time homebuyer. Our mortgage experts can guide you through the process and help you purchase your first home! Contact Lance Elliot to start your journey today.

Access the Mortgage Calculator to find answers to questions such as:

  • How much home can I afford?
  • What will my monthly mortgage payment be?
  • Should I refinance my home?
  • And more.
Apply Online Mortgage Calculator
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Download Guide

Affordable Financing for First-time Homebuyers

Accessible Homeownership Mortgage

  • 4.99% interest rate | 5.10% APR1
  • 30-year fixed with no mortgage insurance
  • 3% downpayment
  • Available in select locations in Hennepin and Ramsey counties 

Pathway2Home Program ITIN Loan

  • People with Individual Taxpayer Identification Numbers (ITINs) are eligible
  • Can be combined with downpayment and grant programs
  • Available in select locations.2

Mortgage Rate Relief

  • Permanent 2% interest-rate reduction
  • Available on new home and refinancing
  • Can be combined with other programs

Government Funding Programs

Unlock low downpayment options and flexible funding sources.

Down Payment Assistance Programs

Set up an appointment and we’ll help review qualifications and requirements to find your best solution.

Apply Now
  • Frandsen Downpayment Assistance3 – $15,000 grant funds offered from Frandsen Bank & Trust
  • Home$tart  - Downpayment and closing cost assistance for eligible households up to $15,000
  • First Generation Homebuyer Loan Program – Deferred, forgivable loan up to $35,000
  • First Generation Homebuyers Community Downpayment Assistance Fund – Zero-interest loan forgiven over five years for up to 10 percent of purchase price, up to $32,000
  • Various county/neighborhood options, check for fund availability
Apply Now

Meet Lance Elliot

Community Development Mortgage Officer, NMLS 1991339

Buying a home is an exciting journey. It’s not just about finding a cozy space to rest your head; it’s a long-term investment that can have an everlasting impact on future generations.

I am here to answer your questions to help you better understand the following topics:

  • Loan programs
  • Interest rates
  • The loan process
  • Required documents for your application
  • What to expect after submitting your application
  • How to make homeownership more attainable
Email About Me

Financial Resources

1Annual percentage rate. Payment example for a $200,000 loan is 360 principal and interest payments at $953.68. Rates and terms subject to change without notice.
2The ITIN program is available in North Mankato, Brainerd/Baxter, Duluth, New Ulm, Fairfax, Foley, Jordan, Lonsdale, Pine Island, and Zumbrota.
3While program funds are available.

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The site you have selected is an external one located on another server. Frandsen Bank has no responsibility for any external website. It neither endorses the information, content, presentation, or accuracy, nor makes any warranties, express or implied, regarding the external site. Thank you for visiting Frandsen Bank.