The Best Mortgage Lenders in Centerville, SD
Compare verified mortgage lenders serving Centerville, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Centerville
Featured Mortgage Lenders
Gateway Mortgage Group
Gateway First Bank
Gateway Mortgage Group is a highly-rated lender known for its exceptional customer service and competitive mortgage rates. With over two decades of experience, they specialize in a wide range of loan products and have a strong local presence in the Sioux Falls area, actively serving Centerville residents. Their commitment to transparency and personalized service has earned them numerous positive reviews and a reputation for reliability in South Dakota.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender with nearly three decades of experience, renowned for its customer-centric approach and extensive loan options. They have a robust presence in Sioux Falls and consistently receive high marks for their efficient processing, competitive rates, and dedication to helping homebuyers in Centerville and surrounding areas achieve their financing goals.
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Alerus Financial
Alerus Financial
Alerus Financial is a well-established lender with a strong regional footprint, offering tailored mortgage solutions and competitive rates. Founded in 2000, they have built a reputation for personalized service and community involvement, making them a trusted choice for Centerville homebuyers. Their expertise in various loan types and commitment to customer satisfaction are reflected in their consistently high ratings and reviews.
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Frequently Asked Questions
Common questions about mortgage lending in Centerville, SD
Are there any special first-time homebuyer programs available in Centerville, 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 to eligible buyers in Centerville. This program is particularly valuable given the city's modest median home prices, helping to make homeownership more accessible with lower upfront costs.
How do property taxes in Centerville, SD, affect my monthly mortgage payment?
Turner County, where Centerville is located, has relatively moderate property tax rates compared to national averages. Your lender will estimate these taxes for escrow, and they are a key component of your PITI payment. It's wise to consult with a local lender or the Turner County Director of Equalization for precise rates, as they can vary slightly based on the property's assessed value.
What is the typical down payment required for a mortgage on a home in Centerville's market?
While 20% down is standard to avoid private mortgage insurance (PMI), many local lenders in the Centerville area work with buyers using conventional loans with as little as 3-5% down or FHA loans with 3.5% down. Given the affordable price points of homes in Centerville, saving for a down payment is often more achievable here than in larger metropolitan areas.
Are USDA rural development loans available for homes in Centerville, SD?
Absolutely. Centerville qualifies for USDA Rural Development loans, which offer 100% financing (no down payment) for eligible borrowers and properties. This is a highly attractive program for the area, as it can significantly lower the barrier to entry for buying a home in this community, which the USDA designates as rural.
How does the appraisal process work for a home in a small town like Centerville?
Appraisals in Centerville can be more nuanced due to the limited number of recent, comparable home sales ("comps"). An appraiser familiar with Turner County is essential to accurately assess value, often looking at sales in nearby towns like Parker or Viborg. This process ensures your loan is based on a fair market value reflective of the local, rural real estate market.
Why Choose a Mortgage Lender in Centerville?
Local Market Knowledge
Lenders who understand Centerville'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 Centerville and get competitive rates on your home loan.