Understanding Home Loans in St. Cloud: SCFCU’s Options

Embarking on the journey to homeownership in St. Cloud, Minnesota, is exciting and significant. Selecting the right Mortgage and lender is crucial to aligning with your financial aspirations. At St. Cloud Financial Credit Union (SCFCU), we pride ourselves on offering personalized St. Cloud Home Loan solutions designed to meet the unique needs of our community members. Let's delve into the various Mortgage options available to you.

Why SCFCU Is Your Best Choice for a Mortgage in St. Cloud

Competitive Interest Rates

SCFCU is committed to providing competitive interest rates, often lower than those of traditional banks, ensuring affordability throughout your loan term.

Flexible Loan Options

We offer a variety of loan products tailored to diverse financial situations, ensuring you find a mortgage that fits your specific needs.

Personalized Service

Our dedicated team guides you through every step of the home-buying process, offering personalized assistance to make your experience seamless and stress-free.

Local Expertise

As a credit union rooted in St. Cloud, we possess in-depth knowledge of the local housing market, providing insights and advice that align with your best interests.

For more details, visit our Mortgage page.

Your Home Loan Options at SCFCU

We understand that each member's situation is unique. Here's an overview of the Home Loan options we offer:

MN Housing Program

  • Ideal For: First-time homebuyers or those who haven't owned a home in the last three years.

  • Key Features:

    • Up to 105% financing to cover down payment and closing costs.

    • Buyer’s minimum contribution is the lesser of $1,000 or 1% of the purchase price.

    • Down payment and Closing Cost Loan options up to $14,000 are available.

Second Mortgage Home Equity Program

  • Ideal For: Homeowners looking to finance home improvements or updates.

  • Key Features:

    • Loan amounts up to $75,000.

    • Repayment terms range from 10 to 20 years.

    • Financing up to 125% of property value.

Conventional Home Loans

  • Ideal For: Buyers with solid credit seeking predictable monthly payments.

  • Key Features:

    • Offers both fixed and adjustable rates.

    • Flexible terms to suit your financial plan.

    • Competitive closing costs.

FHA Loans

  • Ideal For: First-time buyers or those with lower credit scores.

  • Key Features:

    • Lower down payment requirements.

    • Flexible qualification terms.

VA Loans

  • Ideal For: Veterans, active-duty service members, and eligible military families.

  • Key Features:

    • No down payment is required.

    • No private mortgage insurance (PMI).

USDA Rural Development Loans

  • Ideal For: Buyers purchasing homes in eligible rural areas.

  • Key Features:

    • Competitive interest rates.

    • No down payment is required.

Home Equity Line of Credit (HELOC)

  • Ideal For: Homeowners seeking flexible access to funds for various needs.

  • Key Features:

    • Variable rate indexed to the prime rate minus 0.50%.

    • No pre-payment penalties or annual fees.

    • Equity in your home serves as collateral.

Vanishing Mortgage

  • Exclusive To: SCFCU members looking to refinance or purchase.

  • Key Features:

    • Flat closing costs as low as $895, with no surprises.

Mortgage Refinancing

  • Ideal For: Homeowners aiming to lower monthly payments or reduce loan terms.

  • Key Features:

    • Options for 30, 20, 15, and 10-year loan terms.

    • Potential to increase monthly cash flow.

    • Cash-out options are available.


For more information on these options, visit our Mortgage page.

Which Home Loan Is Right for You?

Determining the best St. Cloud Home Loan depends on your circumstances:

  • First-Time Homebuyers: The MN Housing Program or FHA Loans may be suitable due to lower down payment requirements and flexible terms.

  • Veterans/Active Military: VA Loans offer significant benefits, including no down payment and no PMI.

  • Homeowners Seeking Flexibility: A HELOC provides convenient access to funds for various needs.

For personalized guidance, feel free to contact us.

Why St. Cloud Homebuyers Choose SCFCU Instead of a Bank

Community-Focused Banking

SCFCU reinvests profits into better rates and improved services, benefiting our members and the community.

Member-Centric Approach

We prioritize your financial well-being, offering guidance to simplify the mortgage process and ensure informed decisions.

Trusted Local Expertise

Our deep understanding of the St. Cloud housing market allows us to provide insights tailored to your needs.


To learn more about membership, visit our Join the Party page.

Let’s Get You Home!

At SCFCU, we are dedicated to helping you navigate the path to homeownership with confidence.