Getting several competing quotes and getting the best offer can save you thousands over the course of your loan.
While you read, use our calculators to work up some numbers on a South Dakota home loan. The closing cost calculator can help you decide if it's worth it to refinance. The pre-qualify calculator can help you see how ready you are to buy. And the mortgage calculator gives you a monthly payment amount for your South Dakota mortgage.
South Dakota Mortgage Good News: Homes Are Affordable
The average price for a home in Sioux Falls, South Dakota in February 2009 was $142,400. If you put three percent down on a $150,000 home with a Sioux Falls FHA home loan at five percent over 30 years, your monthly payment would be $781, as indicated by our mortgage payment calculator.
To residents of a high cost state like California, those figures may seem incredible. But those numbers are well within your reach if you're looking for a South Dakota mortgage.
Affordability is often to the advantage of the South Dakota mortgage seeker. Smaller loans are less risk for the bank.
Also, South Dakota real estate prices have not experienced the boom and bust cycle like other parts of the country. In fact, South Dakota prices have held remarkably steady.
More South Dakota Mortgage Good News: Assistance Is Available
The South Dakota Housing Counseling Agency provides one-on-one advice tailored to your needs. There are programs for disabled people and for Native Americans.
South Dakota has a great first time homebuyer program that offers up to $8,000 in assistance and mortgage rates under 5 percent even with low or no down payment.
South Dakota Mortgage Recommendation: Work With the Right People
Fill out the form to your right and find a local real estate professional who can help you get you today's lowest interest rate on a South Dakota mortgage.
Resources:
- South Dakota HUD: Contains a list of programs of potential use to South Dakota mortgage seekers.
- South Dakota Housing Authority: Created in 1973 to foster South Dakota homeownership.
- Homes Are Possible: A non-profit group of South Dakota citizens.
- CNN Money Housing Price Decline Survey: Sioux Falls median home price holding steady.
- District III: Great resource for news on South Dakota real estate finance.
- Money Matters Blog: How to avoid foreclosure rescue scams.
- South Dakota Real Estate Commission: Search for information on local real estate professionals.
- USDA Rural Development: If you're interested in buying or refinancing a home located in a rural area of South Dakota.
- City of Sioux Falls: Special help to rehabilitate homes located in Sioux Falls.
- Rapid City: Interesting neighborhood restoration program that includes funding for homeowners.
