Home Mortgage Products

Choosing the mortgage product that best meets your needs is a big decision. You shouldn’t have to go it alone. At Citizens, you don’t. Our mortgage department is eager to answer any questions you may have. Whether you’re purchasing, refinancing, or taking advantage of the equity you’ve built in your home, our professional lenders are here for you. We offer a variety of mortgage loan options with competitive rates.

  • Minimum loan amount is $5,000
  • Maximum loan amount is $424,100*
  • Single family primary residences and second home properties
  • No prepayment penalty

 

*Loans above $424,100 are considered Jumbo Loans and subject to specific terms and rates. Contact a mortgage lender for more information.


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Special Programs & Grants

Home$tart Grant:
Citizens Independent Bank in partnership with the Federal Home Loan Bank of Des Moines has a limited amount of funds available for prospective first-time homebuyers through the Home$tart Grant program. The grants of up to $7,500 are distributed on a first-come, first-served basis and can be applied towards down payment, closing costs, counseling, and/or construction or rehabilitation assistance to eligible homebuyers.

  • Funds are provided by the Federal Home Loan Bank of Des Moines.
  • Funds are limited and available on a first-come, first-served basis.
  • This program is available for borrowers who have not owned a home in the past three years. Contact a mortgage lender for more information regarding exceptions.
  • The grant funds may be used for down payment, closing costs, counseling, and/or construction or rehabilitation assistance.
  • All households that are first-time homebuyers must complete a Financial Literacy Program prior to closing.
  • Funds can be used in conjunction with other grants or credits.
  • Funds can be used for FHA and some Conventional loans.
  • Minimum 640 credit score.
  • The property must be an owner-occupied, single-family residence (including a condominium or townhouse).
  • Eligibility is based on purchase price limits and household income (not to exceed 80% of the area median income).
  • There is a five year retention period. If the property is sold or refinanced within the first 5 years following loan closing, the borrower must repay a pro-rated portion of the grant funds.
  • Borrowers can receive a maximum of $250 cash back at closing.
  • Loan subject to approval. Other restrictions and qualifications may apply. Contact a mortgage lender for more information regarding exceptions.

 

St Louis Park - Live Where You Work
The City of St Louis Park has grants available for employees of St Louis Park businesses who are looking to purchase a home in St Louis Park. The Live Where You Work program offers a grant of $2,500 to eligible homebuyers. Citizens Independent Bank is offering an additional $500 off the origination fee for qualified borrowers.

  • Employed at least 6 months at a St Louis Park employer.
  • The grant funds may be used for down payment, closing costs, gap financing, and repairs of code violations.
  • All households that are first-time homebuyers will be required to participate in a homebuyer education class.
  • The property must be an owner-occupied, single-family residence (including a condominium or townhouse).
  • Eligibility is based on household income (not to exceed 120% of the area median income), St Louis Park employment, and the property located in St Louis Park. Mortgage loan must be fixed rate with no cash out.
  • Purchase of foreclosed property may be eligible for an additional $1,000 grant from the city.
  • The assistance is a 1 time deferred loan, forgiven after three years.
  • Loan subject to approval. Other restrictions and qualifications may apply. Contact a mortgage lender for more information regarding exceptions.

Fixed Rate Mortgage

Our Fixed Rate Mortgage offers the security of a principal and interest payment that remains the same for the entire life of the loan. Visit our Mortgage Service Center for rate information.

Adjustable Rate Mortgage

Our Adjustable Rate Mortgage (ARM) offers an initial interest rate and monthly payment that is typically lower than a fixed rate loan. Many choose this product to keep their mortgage payments at a minimum during the early years of the loan. Interest rates and payments are fixed for an initial period of time.

Interim Construction & Permanent Mortgage

Our Interim Construction and Permanent Mortgage is a program that our customers can use to build and permanently finance their home.

Investment Property Mortgage

Our Investment Property Mortgage is for 1 to 4 unit investment properties. This product extends flexible financing options to qualified investment-oriented borrowers. 

Home Equity Loan & Line of Credit

Our Home Equity Loan allows you to use the equity in your home for home improvements, to consolidate debt, for emergencies, or other purchases. This is a fixed rate loan that guarantees your rate will remain constant throughout the life of the loan. (Minimum loan amount is $5,000)

Our Home Equity Line of Credit allows you the flexibility of having funds available to you when you need it. Your line is accessible through traditional checks. A home equity line is a form of revolving credit in which your home serves as collateral. As you repay your principal, that money becomes available to you over and over again. (Minimum line amount is $5,000)

10 Year Balloon/30 Year Amortization

The 10 Year Balloon Mortgage has fixed monthly payments for the first 10 years of the loan. Full refinancing or modification is available prior to maturity, to take effect at the beginning of the 11th year. This product provides consumers with another option and often works well for individuals who may not be in their homes for more than 10 years. Contact a mortgage lender for maximum loan information. Visit our Mortgage Service Center for rate information.