South Dakota USDA Mortgages
Home Point Financial is pleased to announce that we now have South Dakota USDA financing. USDA Loans in South Dakota are intended to provide lower-income homeowners with 100% financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to South Dakota residents in almost every SD county outside of major metropolitan areas.
USDA Loan Requirements and Guidelines (South Dakota)
There are a number of requirements to quality for South Dakota USDA Loans:
- Monthly South Dakota housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in South Dakota.
- South Dakota borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- South Dakota property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
South Dakota families must be able to afford the mortgage payments, including taxes and insurance.
USDA Mortgage Rates
SD USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, South Dakota property being financed, etc. In general, SD USDA rates are better than average compared to other options for qualifying individuals.
USDA Lender
Apply now or contact the South Dakota USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in South Dakota, eligibility and more.
