Everyone's story is different.  Because of this, everyone’s lending needs are also different.  Being locally-owned and family-owned, we can make fast, flexible lending decisions.  Rather than trying to cram your story into a box, we celebrate your uniqueness and look for creative ways to get you HOME.


jackie holte    joanne bliese    jerome duevel


One-Size Doesn't Fit All

Because your story is different than anyone else, it's important to find a loan program that works for YOU.  We're able to offer a huge variety of loan programs and will work with you to find the best-fit for your situation.



Apply Now!

Get the ball rolling; apply online for a Glenwood State Bank Mortgage!
Once we receive your application, one of our knowledgeable Residential Lenders will contact you.

mortgages apply online






If you'd prefer to complete a paper application, you may download one here:  Home Loan Application


Helpful Application Tools:

Mortgage Affordability Calculator - Determine how much you might qualify for!

Mortgage Payment Calculator - Find out how much your monthly payment will be!

Checklist for a Home Loan Application - Gather this information before meeting with one of our lenders!


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


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 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 (read more >>)



Meet our Residential Lenders >>


*Programs listed subject to change and availability