There are a variety of loan programs available. Our mortgage professionals will take the time to listen and help
determine what type of mortgage loan is right for you. Below are the basic types of loans.
Conventional Loans
A fixed-rate conventional loan is the most traditional way to finance a new home. Down payments vary
depending on the loan program and terms range from 10 to 30 years.
Government Loans
- FHA (Federal Housing Administration) is a loan that is used by many first time home buyers and offers a low down payment.
- VA loans are available to veterans, active duty military personnel and National Guard members who
meet the service requirements. This loan is guaranteed by the Department of Veterans Affairs and
requires no down payment.
- RD (Rural Development) loan is available to assist borrowers with a home purchase in rural
communities. The US Department of Agriculture guarantees the RD loan and requires no down
payment.
- Programs may be available to help with minimum down payments.
Home Construction Financing
When building a new home, a short-term loan can be obtained to provide financing for construction costs.
South Dakota Housing Development Authority (SDHDA)
If you have not owned a principal residence in the last three years, you may qualify for the SDHDA
first time home buyer program. SDHDA provides below market rates to those borrowers that qualify.
Income limits and purchase price limits do apply. Please visit
www.sdhda.org for current limits and rates.
Contact us for more information.