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| 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) |
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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
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Conventional Fixed-15 or 10 year
Term: 15 years
Maximum Amount: $417,000
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Fixed rate program that allows for fixed prinicpal and interest payments for 15 or 10 years. No pre payment penalty. |
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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
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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
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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
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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 "Step Rate" or 4.125% for a "Fixed Rate" program. In Addition to these 2 programs, the Fixed Rate "Option Plus" program is at 4.625%. Currently there are no discount points required for these lower rates. This can be used for existing homes as well as new construction homes. Other SDHDA programs are available and certain income guidelines apply. Please ask a Mortgage Loan Officer 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
Term: 30 years
Maximum Amount: $204,432
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