The Best Mortgage Lenders in Truman, MN
Compare verified mortgage lenders serving Truman, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Truman
Featured Mortgage Lenders
Scott Schilling
United Prairie Bank
United Prairie Bank stands as Truman's premier local banking institution with deep community roots and exceptional mortgage services. As a community bank with over two decades of service, they offer personalized mortgage solutions with local underwriting and decision-making. Their mortgage team, led by experienced professionals like Scott Schilling, provides competitive rates and flexible terms tailored to rural and small-town homebuyers. United Prairie is particularly strong in agricultural and rural property financing, understanding the unique needs of Martin County residents. Their high customer satisfaction stems from face-to-face service, local knowledge, and the ability to work with borrowers who might not fit conventional lending criteria.
Loan Types:
Mortgage Department
First Farmers & Merchants Bank
First Farmers & Merchants Bank has been serving southern Minnesota for over a century, with strong presence throughout Martin County including Truman. This established community bank excels in agricultural and rural residential lending with deep understanding of local property values and market conditions. Their mortgage team offers competitive rates with the advantage of local decision-making and personalized service. They specialize in construction loans, farmstead financing, and first-time homebuyer programs. With multiple branches throughout the region, they maintain exceptional customer relationships and consistently receive high marks for their responsive service and knowledgeable staff who understand the unique financial needs of rural communities.
Loan Types:
Mortgage Center
Wells Fargo Home Mortgage
Wells Fargo provides comprehensive mortgage services to Truman and surrounding areas through their extensive network of mobile mortgage consultants and digital platforms. As one of the nation's largest mortgage lenders, they offer competitive rates, extensive loan product options, and sophisticated online tools. Their local presence through regional offices in Mankato and dedicated mortgage professionals serving southern Minnesota ensures personalized service combined with the resources of a major financial institution. Wells Fargo excels in digital mortgage applications while maintaining local consultant support for complex scenarios. They offer special programs for first-time buyers, military families, and rural properties, making them a strong choice for Truman residents seeking both technological convenience and professional guidance.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Truman, MN
What are the current mortgage rates like for homes in Truman, MN?
Mortgage rates in Truman typically align with national averages but can be slightly lower due to the rural nature of Martin County. Local lenders often offer competitive rates for well-maintained properties in this stable market. It's wise to compare offers from both local credit unions and regional banks for the best terms.
Are there any first-time homebuyer programs specific to Truman?
Yes, Truman homebuyers can access Minnesota Housing's First-Time Homebuyer Program, which offers competitive interest rates and down payment assistance. Additionally, the USDA Rural Development Loan is particularly relevant for Truman properties, offering 100% financing with no down payment required for eligible buyers in this designated rural area.
How does Truman's agricultural setting affect mortgage lending requirements?
Lenders may require additional documentation for properties with acreage or outbuildings to ensure they're primarily residential rather than commercial farming operations. Properties with more than 10 acres often require specialized appraisals, and lenders may have stricter requirements for wells and septic systems common in rural Truman.
What special considerations should I know about when buying an older home in Truman?
Many Truman homes were built before 1978, so lead-based paint disclosures and specialized inspections are common requirements. Local lenders are familiar with the characteristic older housing stock and may recommend additional foundation or electrical system inspections, particularly for homes in Truman's historic neighborhoods.
Are there any local property tax programs that affect mortgage planning in Truman?
Truman homeowners should be aware of Minnesota's Homestead Exclusion, which can significantly reduce property taxes for primary residences. Martin County also offers agricultural homestead rates for qualifying properties. Your lender can help factor these potential tax savings into your overall mortgage affordability calculation.
Why Choose a Mortgage Lender in Truman?
Local Market Knowledge
Lenders who understand Truman's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Minnesota.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Truman and get competitive rates on your home loan.