South Dakota FHA Loans

Are you planning to relocate to South Dakota? If so, right now is the perfect time to apply for a South Dakota FHA loan. The Federal Housing Administration (FHA) has been making the loan process easy and affordable for over seventy years. During that time, millions of Americans have taken advantage of the home loan program to become proud new homeowners. Today the program is still going strong and has made loans easier and more affordable to obtain than ever.

What is an FHA loan?

The FHA helps Americans obtain new loans by insuring approved applicants. They do not actually lend the money – what the FHA does is insure privately issued loans. This makes you a much more secure borrower who is then able to take advantage of some really great benefits. One of these benefits is the low down payment feature. You will only have to pay 3.5% for a down payment which is much more affordable than the 20% generally required for conventional loans.

Additional Benefits

With a South Dakota FHA loan you will get to take advantage of many benefits in addition to the low down payment feature. For example, even though you only pay 3.5% upfront for the loan, you won’t be required to pay private mortgage insurance (PMI) because you will already be insured. Plus, you will get to take advantage of competitive interest rates, making the entire cost of the loan much more affordable overall. The other benefits of going through the FHA to obtain your loan include easy approval, streamline refinancing and individual repayment options.

Finding a Lender

The lender you use can be any FHA-approved institution. You will be able to choose between a bank, savings and loans association or mortgage company. Before you start looking for your final lender, it’s a good idea to get pre-approved for a loan first. This way you will know just how much you will be able to afford once you start looking for a new house.

We would love to help you get started on the path to homeownership today. Take a minute to complete our online form to begin the process. It only takes a minute, is completely secure and 100% free. Pre-approval has never been simpler!

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