Mortgage Lender

Loan Types

The four types of available loans are FHA, VA, Conventional, and Jumbo.

An FHA loan is a loan that is insured by the Federal Housing Administration. FHA loans require borrowers to pay MIP (Mortgage Insurance Premiums) which are paid monthly to insure the loan. In the metro area the maximum FHA loan size is $332,350 for a single family home.

A VA loan is a loan made available for veterans and guaranteed by the Veterans Administration. VA loans require the borrower to pay a one-time VA funding fee with loan sizes to $453,100.

A “conforming” Conventional loan is a loan equal to or less than $453,100 with many down payment options.

A Jumbo loan is a portfolio loan underwritten by the lender with varying guidelines. The loan sizes for it are greater than $453,100 to $3,000,000. Call lender for more details.

Choosing the right type of mortgage can be a very easy task. However, the choice may not always be very clear, especially if you are considering an Adjustable Rate Mortgage (ARM). You may have to do some homework to evaluate your personal financial situation and then determine the features of available loan programs to analyze how they correspond with your needs.

Our preferred lenders offer pre-approvals without a fee!

Required Documents

  • Copy of most recent two (2) years W-2 statements
  • Copy of pay stubs covering the last (30) thirty days
  • Copy of most recent monthly bank statements
  • Copy of most recent statement 401K, IRA or Mutual Fund Accounts
  • Copy of most recent brokerage statement for any stocks, bonds or certificates of deposits (or copies of actual certificate)
  • Copy of the purchase agreement
  • If you are currently renting: either 12 months of canceled rent checks or the name and address of your current landlord
  • If divorced: a fully executed divorce decree
  • For a refinance: a copy of the note, most recent property tax statement and mortgage statement
  • For self-employed borrowers (employed in sales, paid by commission or owns rental real estate): Two (2) years of signed personal tax returns – including all schedules.
  • Home owners insurance agent contact information

If self-employed through a corporation: last two years of corporate returns, as well as a year-to-date profit-and-loss statement and balance sheet

Different programs require varying amounts of documentation. The loan program you select may require more or less documentation. Please contact one of our lenders for a free, no-obligation consultation.


Elizabeth Koehler – Alerus
Mortgage Banker
Office: (612) 436-3504
Visit Liz’s Website


Dave Bertsch –
Sr. Mortgage Loan Officer
nmls# 400251
Mobile: (612) 750-8026