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CU Mortgage Direct, LLC Offers many type of mortgage products, including: Coventional, FHA, VA, RD/USDA, and South Dakota Housing Development Authority.

We are a direct lender.  We underwrite all of our own loan programs and fund our loans from our Sioux Falls, SD office.

 
Conventional Fixed- 30 or 20 year
Conventional Fixed-15 or 10 year
FHA Fixed rate
VA Fixed Rate
RD/USDA
South Dakota Housing Development Authority (SDHDA)

Conventional Fixed- 30 or 20 year

The most popular loan program.  Term is for 30 or 20 years.  The principal and interest payment is fixed for 30 or 20 years.  No pre payment penalty.

Term: 30 years   Maximum Amount: $417,000

Conventional Fixed-15 or 10 year
Term: 15 years   Maximum Amount: $417,000
 

Fixed rate program that allows for fixed prinicpal and interest payments for 15 or 10 years.  No pre payment penalty.


FHA Fixed rate

HUD insured home mortgage program that offers low down payments as well as reduced monthly mortgage insurance payments. 

Term: 30 years   Maximum Amount: $271,050

VA Fixed Rate

Program available for eligible veteran's.  This program allows for no down payment and no mortgage insurance. Certain guidelines do apply, so contact a Mortgage Loan officer about details of this program.

Term: 30 years   Maximum Amount: $417,000

RD/USDA

Program that allows the buyer of rural property the opportunity  for zero down payment and no mortgage insurance.  Income and property guidelines apply.  Please see a Mortgage Loan Officer for more details.  This program can be used with the first time homebuyer program to get the lowest possible interest rate. Since 2004, CU Mortgage Direct, LLC  has been one of South Dakota's top RD/USDA Lenders.

Term: 30 years  

South Dakota Housing Development Authority (SDHDA)

South Dakota's first time home buyer program.  Can be used in conjunction with Conventional, FHA, VA, or RD/USDA program guidelines.  This program offers qualified home buyers the opportunity for an interest rate of 3.125% for a "Fixed Rate" program. In Addition to this program, the Fixed Rate "Option Plus" program is at 3.625%. Currently there are no discount points required for these lower rates.  This can be used for existing homes as well as new construction homes.  The newest SDHDA program,  the "Repeat Buyer Program" is now available.  This program through SDHDA is available for repeat buyers up to a purchase price of $305,800 & income up to $90,580 with a family of 3. Other SDHDA programs and the MCC programs are available and certain income guidelines apply. Please ask a Mortgage Loan Originator for additional information.

Since 2007, CU Mortgage Direct, LLC has been of of the top 5 lenders in the SDHDA program.

*** interest rate stated are from the SDHDA website 11/20/2016

Term: 30 years   Maximum Amount: $204,432