Mortgage Programs

Home Federal’s smart, friendly mortgage advisors will guide you through the home buying process. Rely on us for fast, honest answers and loan options to fit any life stage. We can help make your dreams come true. To get started today, call us, stop in, or visit QuickClick, our online mortgage resource at homefederal.com.


 

First Time Homebuyer

The South Dakota Housing Development Authority (SDHDA) makes buying your first home in South Dakota more affordable. These below market loans offer a low, fixed interest rate and cash assistance for a down payment.

Available on:

• Conventional Loans - Available on a variety of terms
• FHA Loans - Federal Housing Administration
• VA Loans - Veteran’s Administration loans are available for people associated with qualifying military branches.
• Rural Development Loans

Cash assistance is periodically available for first-time or low income homebuyers in certain communities through special grants awarded to Home Federal. Ask us about special grant funds.


Fixed Rate Mortgages

Enjoy fixed principal and interest payments for a defined term, making it easier for budgeting. Choose from:

• Conventional Loans - Available on a variety of terms
• FHA Loans - Federal Housing Administration
• VA Loans - Veteran’s Administration loans are available for people associated with qualifying military branches.
• Rural Development Loans

Adjustable Rate Mortgages

Adjustable Rate Mortgages (ARMs) offer an interest rate that adjusts during the term of the loan. Rate caps limit the amount that the rate can increase over a three year, five year or seven year period.


Balloon Mortgages

Some may find it’s easier to qualify for a Balloon Mortgage than a long-term fixed loan. Balloon Mortgages also may offer a lower interest rate. The terms are shorter – usually five to seven years, but the loan payment is amortized as a long-term fixed-rate mortgage. Full payment of the remaining principal is due at the end of the loan term.


Flex Mortgages

Don’t have the cash for a down payment? This long-term fixed rate mortgage requires little to no money for a down payment as long as you meet program requirements. (Not available for new construction or cash out refinance.)

     •  Flex 97 – Maximum loan to value is 97%


Construction Loans

When you build a new home, Home Federal has several options for construction loans. Visit with a member of our construction team. We offer short-term temporary financing solutions and can assist with construction costs during your building process.


 

Specialty Mortgages & Money-Saving Programs

Because of our years of experience providing home loans, we know each home buying opportunity is unique. That’s why we offer special programs you won’t find at other banks.


Integrity Mortgage

This is a specialized mortgage program for families on the go. Avoid the hassles of income and down payment verification making your next home loan simple and quicker than ever. Special restrictions apply. Ask a home mortgage advisor for details.


12-Month Mortgage Rate Lock

Get pre-approved and lock in today’s rate – with no up front fee! This program is smart if you’re buying or building within the next 12 months. If rates go up between now and your closing date, you keep the low, locked rate. If they go down, simply re-lock within 60 days of closing and get the lower rate.

• Available on a variety of mortgage programs (See one of our home mortgage advisors for details.)
• No purchase agreement required to lock your rate
• Construction financing is available