FHA Home Loans

Home mortgages guaranteed by the federal government are not new. Programs were created as far back as 1934, and millions of people have benefited from this mortgage option. When shopping for your first mortgage, it’s common to have questions about which type to choose. Some will mistakenly assume that because a Federal Housing Administration (FHA) loan is a government program, they simply will not qualify They are a good option for first-time home buyers, and anyone who may not qualify for a conventional mortgage.

Plaza Park Bank understands that many people do not have a pile of cash sitting around to make a large down payment. Knowing your credit score and financial history can also give the impression that qualifying for a conventional mortgage would be difficult. This situation is not particularly unique. By spending a little time learning about FHA loans and the flexibility they offer can be helpful. At Plaza Park Bank we love helping families find the answers they need and secure their FHA home loan. We are dedicated to completing the process quickly and correctly so you can enjoy your new home as soon as possible.

The FHA Mortgage

We may not be in another Great Depression, but we are coming out of a collapse in the home market. In the 1930’s, large numbers of homes were entering foreclosure. Many people were unable to make a down payment on a home, and many had financial hardships that made it difficult to pay their bills. Also, banks were facing hardships because so many people were in default. Selling the foreclosed homes in the distressed market was difficult as well. The National Housing Act of 1934 created the FHA as a means to protect banks from losses and provide options for home buyers that were otherwise unable to qualify for home ownership.

FHA home loans do not require a significant down payment. Individuals who do not have the ability to put a large amount of money down are still able to purchase a home through FHA. The qualifications are also lightened as well. People with lower credit scores are sometimes more likely to be approved. An FHA loan may require the borrower to have mortgage insurance. The premiums for this type of insurance are typically added to your monthly payment. Because of the required mortgage insurance with an FHA home loan monthly payments may be a bit higher, but often it is an acceptable trade-off for many seeking home-ownership.

Why Choose Plaza Park Bank

Plaza Park Bank has been helping the Central Minnesota community since 1910. We are passionate about continuing our tradition of providing personal service from our experienced and caring family of banking professionals. Our bank is family owned and operated and we truly believe that we must develop relationships with those who bank with us. Our core values include a team focused strategy that ensures with Plaza Park Bank, you can expect the very best. We understand that you have questions about FHA and other mortgage types, and we look forward to answering them to meet your homeownership needs.

Contact Us Today For Answers to Your Loan Questions

Click For Pre-Qualification

Pre-Qualification Form

Mortgage Pre-Qualification Form

We are looking forward to assisting you. Stacey Zapzalka or Dan Hagen will reply within one business day. If you need more immediate assistance, please call 320-252-4200.

Personal Information

First Name (required)

Middle Initial

Last Name (required)

Date of Birth (required)

Day 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Month January February March April May June July August September October November December Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 1916 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 1900

Your Gross Annual Income (Before Taxes) (required)

Marital Status (required)

Single Married Divorced Widowed

Primary Phone Number (required)

Email address (required)

Are you self-employed?

Include Co-Borrower?

Co-Borrower Information

First Name

Middle Initial

Last Name

Date of Birth

Day 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Month January February March April May June July August September October November December Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 1916 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 1900

Co-Borrower Gross Annual Income (Before Taxes)

Phone Number

Email Address

Is the Co-Borrower Self Employed?

Current Primary Address

Street Address (required)

City (required)

State (required)

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

Zip Code (required)

Financial Information

Are you an existing PPB client? (required)

Yes No

When do you plan on purchasing a new home? (required)

Just Starting To Look Now In 3 Months In 6 Months Greater Than 6 Months

Desired Loan Terms (required)

15 yr 30 yr

Student Loans (Total Balance)

Monthly Payment Amounts

Please combine the monthly payments below (combined for all borrowers on the loan). Example: If you have 2 monthly car payments of $150 & $200 enter $350 in the Auto box.

Mortgage/Rent (All) (required)

Auto (All)

Credit Cards (All)

Other (All)

Additional Comments

Type the characters (required)

*A prequalification lets you know about how much you can borrow to buy a home and is not a commitment to lend.

This field should be left blank

Submit Pre-Qualification Form

Please wait...