The Best Mortgage Lenders in De Smet, SD
Compare verified mortgage lenders serving De Smet, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in De Smet
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly-rated national mortgage lender with a strong local office in Sioux Falls, serving De Smet and surrounding areas. They are renowned for their competitive interest rates, efficient online application process, and exceptional customer service. With over two decades of experience, they offer a wide range of loan products and have consistently high customer satisfaction scores, making them a top choice for homebuyers in South Dakota seeking reliability and innovation in mortgage lending.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-performing mortgage lender with a dedicated branch in Sioux Falls that actively serves De Smet residents. They are praised for their personalized service, local expertise, and competitive loan options, including specialized programs for first-time homebuyers. With nearly three decades in business, they have built a reputation for transparency, fast closings, and high customer satisfaction, supported by numerous positive reviews and a strong community presence in South Dakota.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is a nationally recognized lender with a local Sioux Falls office that provides comprehensive mortgage services to De Smet and the broader region. They are known for their streamlined processes, competitive rates, and commitment to community engagement. With over 15 years of experience, they excel in offering flexible loan solutions and have earned high marks for customer care and reliability, making them a trusted option for South Dakota homebuyers seeking a responsive and reputable mortgage partner.
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Frequently Asked Questions
Common questions about mortgage lending in De Smet, SD
What are typical down payment requirements for homes in De Smet, given the local market?
In De Smet's relatively affordable market, many conventional loans require a 5% down payment, but local lenders often work with buyers to explore options like USDA Rural Development loans, which require 0% down for eligible properties outside the city limits. For first-time buyers, South Dakota Housing Development Authority (SDHDA) programs can also offer down payment assistance with as little as 3% down from the borrower.
Are there specific mortgage programs beneficial for buying a historic home in De Smet?
While there are no city-specific historic home loans, purchasing a designated historic property in De Smet may qualify for special consideration through renovation loans like the FHA 203(k). It's crucial to work with a lender experienced in appraising and financing older homes common in Kingsbury County, as repair requirements can affect loan terms.
How do property taxes in De Smet and Kingsbury County impact my mortgage payment?
Kingsbury County has property tax rates that are generally moderate for South Dakota. Your lender will calculate these taxes into your monthly escrow payment. South Dakota has no state income tax, which can help with overall affordability, but it's important to get an accurate tax estimate from the county treasurer, as agricultural influence can affect valuations even for residential properties.
What local first-time homebuyer programs or grants are available in De Smet?
The primary resource is the South Dakota Housing Development Authority (SDHDA), which offers First-Time Homebuyer programs with competitive interest rates, down payment assistance, and mortgage credit certificates for federal tax savings. While De Smet itself doesn't have a municipal program, eligibility for these state programs is based on income and the purchase price of the home, which aligns well with De Smet's housing costs.
Is a USDA Rural Development loan a good option for buying in De Smet, and what are the boundaries?
Yes, USDA loans are an excellent zero-down-payment option for many buyers in the De Smet area. The town itself is generally eligible for USDA financing, and nearly all surrounding rural areas of Kingsbury County qualify. A local lender can confirm the specific eligibility of a property using the USDA's online map, making this a popular choice for financing in this region.
Why Choose a Mortgage Lender in De Smet?
Local Market Knowledge
Lenders who understand De Smet'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 De Smet and get competitive rates on your home loan.