First-Time Home Loans In Minnesota

Getting the keys to your first home is a special moment一it’s a wonderful feeling when it’s finally yours. At Thistle Financial, there’s nothing we love more than to help our fellow Minnesotans with their first home loan.

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What Are The Best Loans For First-Time Home Buyers?

FHA Home Loan

An FHA loan is one that’s guaranteed by the government and is typically a good option for first-time home buyers or those with a spotty credit history.


  • Smaller down payment
  • Lower interest rates
  • Easier on those with weaker credit
  • 100% of down payment can be a gift

VA Home Loan

Active service members, veterans, and their surviving spouses can purchase a home with a VA loan, which is offered by the U.S. Department of Veterans Affairs. To qualify, the VA will verify military status.


  • No down payment
  • No minimum credit score
  • Private Mortgage Insurance (PMI) is not required
  • Pay off loan at any time with no penalty

Fannie Mae and Freddie Mac Loans

Fannie Mae and Freddie Mac loans are home mortgage companies that are federally sanctioned to work with local lenders. They do not originate loans or service them, but instead buy and guarantee them.


  • Low down payment
  • Competitive interest rates
  • Assistance for low to moderate-income buyers
  • Down payment assistance programs

FHA 203(k) Home Loans

An FHA 203(k) is a loan designed for borrowers who are interested in purchasing a fixer-upper. You borrow money for the purchase price, plus an additional about to complete an improvement project.


  • Low down payment
  • You can finance the purchase price + extra funds for remodeling
  • You build equity fast
  • Both adjustable-rate and fixed-rate mortgages available

Good Neighbor Next Door

Law enforcement, emergency medical technicians, and firefighters have an option to purchase a home with the Good Neighbor Next Door program, sponsored by the U.S. Department of Housing and Urban Development. The program offers a 50% discount on homes in areas that are being revitalized.


  • 1/2 off the list price of an eligible home
  • You’ll be a part of revitalizing a neighborhood

You’ll be a part of revitalizing a neighborhood

Many local governments offer programs for first-time home buyers. The programs and availability may vary, so it's best to contact us for the most recent information on these types of loans.

Benefits Vary And May Include

  • Low interest rates
  • Program for low-income buyers
  • Down payment assistance
  • Closing cost assistance

Frequently Asked Questions

Hear From Folks Just Like You

It was a pleasure to work with Mark. He was a pillar of calm in what was a somewhat whirlwind experience for us... I know he cared about our situation like it was his own, and therefore worked really hard on our behalf.
Michael and Cheryl

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Loan Comparisons

What types of loans are available? Find out what each type of program offers.

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Mortgage Basics

Mortgage Basics

Learn about applying for a loan, how your credit score fits in, appraisals, closing costs, and more.

Mortgage Calculators

Mortgage Calculators

How much home can you afford? What would your monthly payment be? Find out with our calculators.

5-Step Loan Process

5-Step Loan Process

The loan process can be daunting, but we’re here to help. We break it down into five simple steps.

The Thistle Difference

Lots Of Options

Lots Of Options

We've built strong partnerships with top lenders, which means you'll get the best options and rates.

A Tailored Approach

A Tailored Approach

We take the time to understand your goals and help you find a loan that’s right for you.

Easy To Reach

Easy To Reach

At Thistle, we don’t leave you hanging. We’re always here for you when you have questions.

Hi, I'm Mark Thistle

I'm an independent mortgage broker based in Eden Prairie with more than 20 years of financial industry experience, primarily in mortgage financing. You come first in my bookㅡyou can count on me and my team to be there for every step of your home buying journey.

Ready to Begin?

We’re excited to get to know you and start looking at options that’ll help you realize your dream. Contact your Minnesota mortgage broker today!

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