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First Step Home Loan

Your first home, within reach

Buying a home can be overwhelming. A low down payment, no PMI, and expert support make it easy and affordable.1


Expert local support

From origination through the life of your loan, enjoy a high-success, low-stress experience.


Low down payment

Purchase with as little as 2% down.2



Save with no monthly private mortgage insurance required.


Local servicing

We directly finance First Step Home Loans for fast, easy payments.


Seller-paid closing costs

Don't worry, we allow seller-paid closing costs.


Lock in rate

There are no surprises; your rate is locked at application.3

Calculate your monthly payment4

Monthly Payment

Low Down Payment Options

No windfall required

Saving up 20% for a down payment can be difficult. With a First Step Home Loan, buy with a down payment as low as 2%.

Parents and their young child learning to walk
Lock in Your Rate

Lock while you shop

When you apply for a First Step Home Loan, we lock in your rates so they won't change while you're house-hunting.

Young couple moving bozes into a new home

Trust is a top reason members choose Members Mortgage.

— 2023 Mortgage Processing Survey

How it works

Getting a First Step Home Loan is simple.

  • 1

    Complete an application

    Apply online, over the phone, in person, or through video banking.

  • 2

    Get prequalified

    We'll crunch the numbers and let you know if you're pre-qualified.

  • 3

    Buy a home

    Use the funds to purchase your first home.

Apply now

Have questions? We're here to help!


Schedule an appointment


Schedule now


Meet virtually


Video Banking


Give us a call


Call 218-625-8580

Your home, our help


With expert support, affordable down payments, and no PMI, First Step Home Loans are designed to work for you.


Apply now


1 First Step Home Loans are 10/1 adjustable rate mortgages for first time homebuyers and allow for as low as 2% down and there is no private mortgage insurance (PMI) requirement. An Adjustable Rate Mortgage is a variable rate loan product. During the initial term of the loan the rate will remain unchanged; after that, the rate is subject to adjust at a set interval. Occupancy required.
2 An example of a typical First Step Home Loan with a 2% down payment: Annual Percentage Rate (APR) of 8.257% for 120 months with monthly payments of $6.99 per $1,000. APR referenced in the example is the lowest rate available as of February 22, 2024 and may vary based on loan amount, borrower credit, loan to value, property type, occupancy, etc. Terms and rates may change at any time.
3 Rate locks require the execution of a rate lock agreement and are subject to the terms therein.
4 The calculator is provided for informational purposes only and any calculation is solely an estimate based on the information you provide. Calculations do not include amounts for taxes and insurance premiums, if applicable, and your actual payment obligation may be greater. Contact Members Cooperative Credit Union at 1-800-296-8871 for more information.

Members Cooperative Credit Union lends to Minnesota and Wisconsin residents only and property used as mortgage security must be within the states of Minnesota and Wisconsin. Membership and loan approval required. Restrictions apply.

Home Mortgage Disclosure Act Notice

The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at any branch office regarding the locations where HMDA data may be inspected.

Use of online or other electronic services may require specific hardware and software and your agreement to certain terms and conditions. Access is subject to the availability of the internet, cellphone and network coverage and plans, and typical service interruptions stemming from your providers or the credit union’s providers.

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