The Best Mortgage Lenders in Andover, SD
Compare verified mortgage lenders serving Andover, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Andover
Featured Mortgage Lenders
First Premier Bank Card
First PREMIER Bank
First PREMIER Bank is one of South Dakota's most established financial institutions with deep roots serving communities across the state. While headquartered in Sioux Falls, they provide comprehensive mortgage services to residents throughout South Dakota, including Andover. They offer competitive rates and a wide variety of loan programs, with particular strength in first-time homebuyer programs and agricultural property financing. Their long-standing presence in South Dakota and personalized service approach make them a top choice for Andover area residents seeking local expertise with statewide resources.
Loan Types:
Wells Fargo Home Mortgage
Wells Fargo Bank, N.A.
Wells Fargo maintains a strong physical presence throughout South Dakota with multiple branches serving rural communities like Andover. Their Aberdeen location provides convenient access for Andover residents seeking comprehensive mortgage services. Wells Fargo offers competitive rates, extensive online tools, and a wide range of loan products including specialized programs for rural properties. Their nationwide reach combined with local branch support ensures Andover homebuyers receive both the resources of a major lender and personalized service from professionals familiar with the local market.
Loan Types:
Black Hills Federal Credit Union
Black Hills Federal Credit Union
Black Hills Federal Credit Union has grown to become one of South Dakota's largest credit unions, serving members across the state including Andover area residents. They consistently receive high marks for customer satisfaction and offer competitive mortgage rates typically below traditional banks. BHFCU specializes in understanding the unique needs of South Dakota homebuyers, with expertise in rural property financing and flexible underwriting. Their member-owned structure and community-focused approach make them an excellent choice for Andover residents seeking personalized service with the benefits of a established financial institution.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Andover, SD
Are there any special mortgage programs for first-time homebuyers in Andover, SD?
Yes, the South Dakota Housing Development Authority (SDHDA) offers the First-Time Homebuyer program, which provides competitive fixed-rate mortgages and down payment assistance. This is particularly valuable in Andover, where local incomes may be modest compared to larger cities. You'll need to work with an SDHDA-approved lender and meet income and purchase price limits, which are favorable for the Andover area.
How do property taxes in Andover, SD, affect my monthly mortgage payment?
Day County, where Andover is located, has relatively low property tax rates compared to national averages, which helps keep your total monthly mortgage payment (PITI) more affordable. For precise budgeting, you should check the current mill levy with the Day County Director of Equalization, as your lender will use the specific tax rate for your property to calculate your escrow payment accurately.
What is the typical down payment needed for a home in Andover's rural market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Andover utilize USDA Rural Development loans, which require **0% down payment** for eligible properties and borrowers. This is a key advantage in Andover, as much of the area qualifies for this federal program. Conventional loans with 3-5% down are also common, especially for first-time buyers.
Are USDA loans a good option for buying a home in Andover, and what are the requirements?
USDA loans are an excellent and popular option in Andover due to its rural designation. To qualify, your household income must be within the USDA limits for Day County, the home must be your primary residence, and the property must be located in an eligible rural area (which includes Andover). These loans offer 100% financing with competitive rates, making homeownership very accessible here.
How does the appraisal process work for a home in a small town like Andover, where comparable sales can be limited?
Appraisals in Andover can be challenging due to a lower volume of recent sales. An appraiser may need to look at comparable properties ("comps") from nearby towns like Webster or Bristol, adjusting for location. It's wise to work with a local lender familiar with the Day County market, as they can help ensure the appraiser has the proper context and uses the most relevant comparisons to support your home's value.
Why Choose a Mortgage Lender in Andover?
Local Market Knowledge
Lenders who understand Andover's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in South Dakota.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Andover and get competitive rates on your home loan.