South Dakota Loan Guide

South Dakota not only wants to get new homeowners situated in their homes, they want to assist existing owners get out from under mortgagees that are swallowing their family budgets. South Dakota has the Emergency Mortgage Assistance Program, which provides counseling and assistance to households on the brink of foreclosure.

South Dakota Home Loans

A very popular way to get the most out of your home loan is to choose a mortgage plan that fits your needs today, but allows you some flexibility for the future. An Adjustable rate Mortgage today will offer you lower initial interest rates, and you can refinance the home to a fixed rate in a few years when the ARM begins to rise in costs.

South Dakota Refinancing and Restructuring

The South Dakota Housing Authority can help people who are becoming overwhelmed by rising interest rates or facing large balloon payments that will push their mortgages beyond the family budget. From refinancing an existing mortgage to modification of the loan to get rid of an Adjustable Rate Mortgage that is becoming unmanageable, there are state and federal agencies available to help you keep your home.

South Dakota Home Equity Loans

For borrowers, a home equity loan may be the simplest solution to climb out from under growing debt. The equity in your home can be converted to available capital which is in turn used to pay off outstanding credit card debts or other financial concerns with a minimal amount of hassle and inconvenience.

South Dakota FHA Loans

For those with credit scores lower than 680 or other conditions that inhibit getting a loan through traditional sources, the South Dakota Housing Authority may be able to help. The agency has programs for first time home buyers, and is intended to help people purchase a home that would otherwise not be eligible through conventional sources.

South Dakota Mortgage Tips

Know what your credit report looks like before you try to get a home loan. Lenders are looking for preferred borrowers who have a credit score of 680 or higher, but will consider other credit scores if a suitable amount of money is involved in the closing costs and down payment. If you take the time to get your credit score in shape before trying to find a home loan, you will have a much higher chance of getting the loan you want.

South Dakota Helpful Links

HUD South Dakota
South Dakota Housing Authority
South Dakota Real Estate Commission

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