From Aurora to Ziebach, you can easily own your first ever residence in this state of the famous Mount Rushmore. Through the facilitation of FHA Home Loan Group, you can indeed access the easiest home purchase credit scheme in the state, FHA mortgage South Dakota. Not only is the down payment as low as 3.5 percent, but the interest rates, currently slightly above 4.125 percent, are significantly below those of other conventional financiers.
As a first-time applicant for FHA mortgage SD you can enjoy these benefits:
Benefits for First-time Applicants
You will not only settle in your residence as you meet the outstanding balance, but you will avail these rare advantages:
- You have a chance to co-opt with a fellow applicant who can settle part of the funds even if the other party does not live in the same property.
- You can also have the services of a co-signer. In FHA mortgage South Dakota, this terminology denotes a spouse or another party who may take the repayment responsibility if you default for one reason or another.
You have a chance to refinance the current interest rate, if you have opted for the Adjustable Rate Mortgage (ARM) plan that extends for 15 years. Its merits include:
- You can extend the loan term to 30 years at a permanent rate. The latter plan of FHA mortgage SD suits you if you want a product that will remain the same even in the face of market changes.
- The ARM plan gives you a chance to bring down the rate to the current market rates, especially when external forces have lowered the interest margin.
Which is Your County’s AMI?
As a first-time or even second-time applicant for FHA mortgage South Dakota, you ought to learn about the Area Median Income (AMI) of your county. The AMI reflects the collective yearly earnings of the given area. FHAhomeloangroup.com recommends the following two distinct approaches:
- Since virtually all counties in the state have the same single-family unit limits at $271050, all you need to do is select a rate that suits your income status. If you are in the moderate-income group, meaning you have earnings that are 115% of the above AMI, you can go for the Guaranteed Program which suits applicants of this income group.
- If you have earnings of 50 to 80% of the area’s average earnings, you can choose the Direct Program which caters for applicants of FHA mortgage SD in the low-income group.
AM I Eligible to Apply?
Indeed, you can apply at any time if you meet these few stipulations:
- You do not have any credit obligations other than this financing offer.
- Your credit score is as low as 620.
- You intend to make this your primary residence.
- You have an employment history going back to two years.
Thus, this is your first opportunity to own a home via one of the most accessible government programs in the state, the FHA mortgage South Dakota. All you will require are a few eligibility details. We can also negotiate for a seller concession where the retailer settles 6% of the closing fees.
Send us your application or call us today!  202-4479