The Best Mortgage Lenders in Florence, SD
Compare verified mortgage lenders serving Florence, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Florence
Featured Mortgage Lenders
Mortgage Department
First PREMIER Bank
First PREMIER Bank is one of South Dakota's most established and highly-rated mortgage lenders with a strong statewide presence. While headquartered in Sioux Falls, they serve clients throughout South Dakota including Florence. They have exceptional customer satisfaction ratings for their personalized service and competitive rates. Their mortgage team has extensive experience with rural properties and agricultural lending, making them well-suited for Florence area homes. They offer a comprehensive range of loan products with particularly strong expertise in USDA rural development loans that benefit many South Dakota homebuyers.
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Mortgage Services
Gate City Bank
Gate City Bank has expanded their mortgage services throughout the region and serves South Dakota communities including Florence. They maintain exceptional 4.9-star ratings across multiple review platforms for their outstanding customer service and competitive rates. Their "No Cost Mortgage" option is particularly popular, saving borrowers significant upfront costs. They have strong expertise in rural property financing and offer specialized programs for first-time homebuyers. Despite being based in North Dakota, they have established themselves as a top regional mortgage lender with excellent service throughout the Dakotas.
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Mortgage Lending Department
Citizens State Bank of Wessington Springs
Citizens State Bank serves multiple communities in eastern South Dakota including the Florence area. As a community bank with deep roots in rural South Dakota, they have exceptional expertise in financing properties in smaller towns and rural areas. They offer personalized service with local decision-making and understand the unique aspects of rural property financing. Their mortgage team has extensive experience with agricultural properties and land loans, making them particularly well-suited for Florence area homebuyers. They maintain strong customer satisfaction ratings for their attentive service and competitive local rates.
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Frequently Asked Questions
Common questions about mortgage lending in Florence, SD
Are there any first-time homebuyer programs specific to Florence, SD, that can help with down payment or closing costs?
While there are no city-specific programs, South Dakota Housing Development Authority (SDHDA) offers statewide programs like the First-Time Homebuyer Program and the Mortgage Tax Credit that are accessible to Florence residents. These can provide competitive interest rates, down payment assistance, and potential federal tax credits, which are valuable in a market with more moderate incomes.
How do property taxes in Moody County, where Florence is located, impact my monthly mortgage payment?
Moody County has relatively low property tax rates compared to national averages, which is a significant advantage for your monthly payment. Your lender will estimate these taxes for escrow, but it's wise to verify the exact rate and any special assessments with the Moody County Director of Equalization, as this directly affects your total housing cost.
What is the typical timeline for mortgage approval and closing on a home in Florence's rural market?
The timeline is generally standard (30-45 days), but purchasing a rural property may require additional steps like a well and septic inspection, which can add time. Working with a local lender familiar with rural appraisals and Moody County title work can help streamline the process and avoid unexpected delays.
Are USDA Rural Development loans a common and good option for buying a home in Florence, SD?
Yes, USDA loans are an excellent and frequently used option in Florence, as the entire area is eligible for USDA's 100% financing, no-down-payment loans. This is particularly beneficial given the area's rural designation, making homeownership more accessible for low-to-moderate income buyers who meet the program's income eligibility requirements.
How does Florence's limited housing inventory affect my mortgage pre-approval and offer strategy?
With a small, tight-knit market, having a strong, verified pre-approval from a reputable lender is crucial to make your offer competitive. Sellers favor buyers who can demonstrate solid financing without contingencies. Consider getting pre-underwritten, and be prepared to act quickly when a desirable property in Florence or the surrounding area becomes available.
Why Choose a Mortgage Lender in Florence?
Local Market Knowledge
Lenders who understand Florence'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 Florence and get competitive rates on your home loan.