Loan Programs

Selecting a mortgage may be the most important financial decision you make and you are entitled to all the information you need to make the right decision. Don't hesitate to contact a home mortgage banker if you have questions about our various home loan programs.

Conventional/ Fixed Rate Mortgage
(15 to 30 year)

Application

A conventional fixed rate mortgage provides you with a fixed interest rate. The principal and interest portion of your monthly payment will not change. This mortgage can be amortized over 15 to 30 years.
Private Mortgage Insurance allows you to have a down payment with as little as 3% of the purchase price.

Adjustable Rate Mortgage
(ARM)

Application

An adjustable rate mortgage, or an "ARM" as they are commonly called, is a loan type that usually offers a lower initial interest rate than most fixed rate loans. The trade off is that the interest rate can change periodically, usually in relation to an index, and the monthly payment will go up or down accordingly.

Construction/ Permanent Mortgage

Application

We will work with you from start to finish on your building project. As you are in the construction process, you pay interest on only the money you have borrowed to date. Your permanent financing is at competitive rates. We will assist you with lien waivers and provide you a contractor's statement at the completion of your building project.

First Time Home Buyers

Application

We are a participating lender in the South Dakota Housing Development Authority Home Ownership Program. This program offers low down payment options for first time homebuyers at a reduced interest rate. The Mortgage Assistance Program is available to assist with the down payment and closing costs.

Balloon Mortgages

Application

Three to five year balloon mortgages featuring a long term amortization which require a full payment of the principal at the end of the balloon term. Principal and interest payments are fixed during the term of the loan.

Rural Development Insured Home Loans

Application

Rural Development is an agency of the United States Department of Agriculture (USDA) and offers loan programs designed for low to moderate income individuals and families to purchase safe, well built, and affordable homes. These programs offer financing up to 102% of the value of the property.

Veterans Administration (VA) Insured Loan

Application

A VA loan is a mortgage made by an approved lender and guaranteed by the Department of Veterans Affairs. VA loans are made to qualified veterans or their unremarried widows or widowers. Such loans require a minimal or no down payment and offer lower interest rates. If you are a veteran, check with your regional VA office to see if you are eligible.

Federal Housing Authority
(FHA)Insured Loans

Application

An FHA loan is a loan insured by the Federal Housing Administration (of the Department of Housing and Urban Development). This loan has a low down payment requirement and the down payment can be a gift, a grant, or a secured loan. Homebuyers with limited savings and low to moderate income should consider this type of loan.

Home Equity Lines of Credit

Application

The equity you have established in your home can be used to help with those unexpected expenses or short term financial needs. With a line of credit in place, you determine when you advance money on the loan and you pay interest only on the amount you have outstanding on the loan. The only variable will be the interest rate which may change to reflect changes in the economic climate.

Home Equity Loans

Application

A Home Equity Loan is another excellent way to utilize the equity you have in your home to meet a variety of financial needs..college expense, vehicles, or home improvements are only a few of the possibilities. The full amount of the loan is delivered to you at the closing of the loan. Your repayment schedule can be tailored to fit your budget and the rate and term are fixed for the life of the loan.