Glenwood State Bank is locally-owned, family-owned, and family-operated, which gives us flexibility and speed when it comes to lending decisions. We offer a wide variety of mortgage programs to fit your specific needs. Our residential lenders have 70+ combined years of experience and pride themselves on making the loan process quick and trouble-free. With a Glenwood State Bank Mortgage, you will be home before you know it.

Conventional Mortgages

  • 3% down payment for first-time homebuyer (primary residence only)
  • 5% down payment for 1 unit, 15% for 2 unit, 20-25% for 3-4 unit (primary residence only)
  • Second home 10% down payment / Investment home 15-20% down payment
  • 620+ credit score
  • Monthly mortgage insurance premiums required unless 20% down payment is made
  • Fixed rate products, ARMs, interest only, and balloon programs are available


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Rural Development (USDA)

  • 30-year fixed
  • 100% financing
  • $35,000 loan minimum
  • Primary residence only
  • Income limits apply, varies by county
  • Guarantee/Funding fee of 1.00% (added to loan)
  • Annual servicing fee on loans ((0.5% x loan amount) / 12)
  • Gift funds are OK
  • 6% maximum seller contributions


Veteran’s Administration (VA)

  • 100% financing
  • 580+ credit score
  • Loan amount dependent on Certificate of Eligibility, Entitlement status, Previous VA loans
  • Must be a veteran (active duty, active reserve or national guard, unremarried surviving spouse, or POW/MIA spouse)
  • Guarantee/Funding fee depends on type of service (added to loan)
  • Higher debt-to-income ratios allowed (dependent on credit score)


My Community Mortgage

  • 30 year fixed
  • First-time homebuyers only
  • 3% down payment (gifts are allowed)
  • 640+ credit score
  • 3% seller contributions
  • Low mortgage insurance premiums
  • Primary residence only
  • Income limits apply


Federal Housing Administration (FHA)

  • 3.5% down payment
  • 580+ credit score
  • 6% maximum seller concessions
  • Up Front Mortgage Insurance Premium of 1.75% (added to loan)
  • Monthly mortgage insurance premiums required (depends on term)


Jumbo Loans

  • 10, 15, or 30-year fixed; or 5/1, 7/1, 10/1 ARMs
  • 20-25% down payment required
  • $453,100 loan minimum
  • $1,500,000 loan maximum (depending on credit)
  • 6% maximum seller contributions
  • Primary and secondary residences eligible


Manufactured Homes

  • 10, 15, or 30-year fixed; or 5/1, 7/1, 10/1 ARMs
  • 15- or 30-year Fixed Rate
  • Must be Fixed to a Permanent Foundation
  • Purchase, No Cash-Out Refinance, & Cash-Out Refinance Transactions
  • Multi-Wide Homes only
  • Structural Engineer Report Required
  • Loan-To-Value for Primary Residence
    • Purchase and No Cash-Out Refis - 95%
    • Cash-Out Refis - 65%
  • Loan-To-Value for Secondary Residence
    • Purchase and No Cash-Out Refis - 90%
    • Cash-Out Refis - N/A


Other In-House Real Estate Loan Products

  • Residential real estate
  • Home equity
  • Home Equity Lines of Credit (HELOC); variable and fixed rate
  • New construction
  • Manufactured homes
  • Bare land
  • Commercial real estate
  • Agricultural real estate
  • Minnesota Housing Fix-Up Fund loans (fixed interest rate for home improvements, based on income limits)



Meet our Residential Lenders >>


Apply for a Glenwood State Bank Mortgage!

First, determine how much you can borrow; use our Mortgage Qualifier Calculator to determine your budget.


Then, complete an application.  Make the process as simple as possible; before starting the application, please use our Checklist for a Home Loan Application to gather the documents you'll need.


After you've determined your budget, and gathered the necessary documents, click the button below to begin your application!

Home Loan Application

Once the application has been completed to the fullest extent possible, bring it to your lender for review.


*Programs listed subject to change and availability