Financial News
South Dakota Housing Development Authority
South Dakota Housing Development Authority Website - go here
The First-time Homebuyer Program provides below-market fixed interest rate mortgage loans and cash assistance for homebuyers purchasing a residence in the state of South Dakota. SDHDA provides the low interest rate by selling tax-exempt Mortgage Revenue Bonds to investors. Participating Lenders originate, process and close the loans. On behalf of SDHDA, five Master Servicers collect mortgage payments and otherwise service the loans. To qualify for a First-time Homebuyer Loan:
- You cannot have resided in a home which you own during the previous three years. For the purpose of determining prior homeownership, residing in a dwelling unit that was not permanently affixed to a permanent foundation is not considered prior homeownership. Additionally, Veterans who are second-time homebuyers may qualify under a “Veteran’s Waiver”.
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Your total household income cannot exceed the federally-imposed Income Limit for the county in which the property is located.
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The purchase price of the home cannot exceed the federally-imposed Purchase Price Limits.
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All loans must meet lending standards of creditworthiness and be insured or guaranteed against default by the Federal Housing Administration (FHA), Veteran’s Administration (VA), USDA Rural Development or insured by a private mortgage insurance (PMI) company. Mortgage Insurance is not required if your downpayment is 20% or more.
Learn About FHA Mortgages
Department of Housing and Urban Development (HUD), have been partners in creating
homeownership opportunities for more than 70 years. Since FHA was created in 1934, it
has helped more than 34 million families become homeowners, many by working with
their REALTORS® to achieve their dream of homeownership.
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REALTORS® AND FHA – WORKING TOGETHER TO HELP PEOPLE
FULFILL THE AMERICAN DREAM
This brochure illustrates improvements in FHA programs that will benefit you.
Many aspects of the FHA mortgage application process have been streamlined to make the process more user-friendly and efficient. Upon reading this brochure, you will see that FHA programs are a valuable asset to REALTORS®, other real estate professionals, and most importantly, those seeking to own a home.
Backed by the full faith and credit of the Federal government, FHA-insured mortgages are one of the safest and most affordable types of mortgages available to homebuyers. Working together, REALTORS® and FHA help millions of families come home.
WHAT IS FHA MORTGAGE INSURANCE?
The Federal Housing Administration (FHA) insures mortgages offered by banks, savings
associations, and other financial institutions. An FHA-insured mortgage is backed by the
full faith and credit of the United States government. While FHA does not make loans, it
benefits the homebuyer by providing mortgage insurance which encourages financial
institutions to make affordable financing available.
What are the benefits of an FHA mortgage?
FHA offers low down payment options, eligibility with less than perfect credit, a loan at a
reasonable cost, and help if there is ever trouble making the mortgage payment. Because
an FHA mortgage insures the lender against loss, an FHA mortgage typically has an
interest rate that is competitive with the best in your market and lower than the rates
charged for subprime and other non-prime mortgages.
FHA not only helps people buy a home, but helps them keep it as well. In return for
protecting lenders against loss, FHA requires financial institutions to offer assistance to
borrowers experiencing difficulty making mortgage payments.
DOWNLOAD the brochure to read all of the information.
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Understanding Traditional Mortgages
When shopping for a Sioux Falls mortgage, consumers have more choices than ever before. Many lenders now offer specialty mortgages that help make homeownership more affordable but have risks that consumers should fully consider (see our brochure on specialty mortgages). But for most consumers, the traditional fixed-rate mortgage and adjustable-rate mortgage (ARM) continue to be excellent options. However, even these traditional financing options require a number of important decisions. Should you get a 15- or 30-year loan? Should you get a fixed-rate mortgage to lock in today’s interest rates for the term of the loan-or take an adjustable-rate loan with a lower current rate and payment, but with the risk of rate and payment increases in the years ahead?
You can also tap the equity in your home by refinancing your existing mortgage, taking out a second mortgage, or obtaining a home equity line of credit. This brochure helps you consider these options as well.
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Stop Paying Rent in Sioux Falls
Thinking of owning a piece of Sioux Falls real estate? In Sioux Falls, paying rent is like pouring money down the drain. Home ownership in the Sioux Falls community is within your reach.
It’s true, buying a home can be a nervous experience. It can be a roller coaster of emotions… finding the right place in Sioux Falls, Harrisburg, or Brandon (to name only a few places)… securing the loan… moving in. And if you’re like most of us, your Sioux Falls home will be your largest investment. The emotions over such a large and personal purchase can often cloud good business judgment. Read more…
4 Tips to Help You Qualify for a Mortgage
Sioux Falls Mortgage Tips
By Marshall Loeb
RISMEDIA, Qualifying for a mortgage is certainly not as easy as it used to be. The turmoil that has gripped the housing and the credit markets has led to lenders tightening their approval standards. But while it is more difficult to qualify, it is not impossible.
From www.peoplejam.com, an online self-help community, here are four tips to help you improve your chances of getting a mortgage:
1. Check your credit reports. The three main reporting agencies are Equifax, Experian and TransUnion. You’ll want to make sure that all the information on these reports is correct. If you find some information that is incorrect, you should report the discrepancy immediately to all three reporting agencies. Anything negative on your credit report can hurt you, even if it’s not right.
2. Boost your FICO score. Most mortgage lenders use the FICO score to determine if a borrower will default. Because the score measures your ability to repay a loan, there are steps you can take to improve it. Pay down your debt, pay all your credit accounts on time and keep open accounts with a $0 balance.
10 Greatest Myths In Financing - download
A very nice dowload covering myths about financing that usually concern you.
DOWNLOAD HERE > 10mythsrefinancing
