The Best Mortgage Lenders in Frankfort, SD
Compare verified mortgage lenders serving Frankfort, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Frankfort
Featured Mortgage Lenders
Dakotaland Federal Credit Union
Dakotaland Federal Credit Union
Dakotaland Federal Credit Union is one of South Dakota's most established financial institutions with a strong reputation for personalized mortgage services. Serving communities across eastern South Dakota including Frankfort, they offer competitive rates and local decision-making. Their mortgage specialists provide comprehensive guidance through the entire home buying process, with particular expertise in rural housing loans suitable for the Frankfort area. Members consistently praise their responsive service and competitive closing costs.
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First Dakota National Bank
First Dakota National Bank
As South Dakota's oldest national bank, First Dakota has deep roots in serving rural communities throughout the state. They have extensive experience with agricultural and rural property financing, making them an excellent choice for Frankfort residents. Their local loan officers understand the unique needs of small South Dakota towns and offer flexible underwriting. Customers frequently mention their knowledgeable staff and smooth closing processes in reviews.
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Guild Mortgage Company
Guild Mortgage Company
Guild Mortgage maintains a strong presence in South Dakota with local offices that serve communities statewide, including Frankfort. They are particularly noted for their expertise in government-backed loans (FHA, VA, USDA) which are popular in rural areas. Their digital mortgage process combined with local personal service provides a balanced approach that customers appreciate. Guild consistently receives high marks for communication throughout the loan process and their ability to handle complex rural property transactions.
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Frequently Asked Questions
Common questions about mortgage lending in Frankfort, SD
What are typical mortgage rates for homebuyers in Frankfort, SD, and how do they compare to state averages?
Mortgage rates in Frankfort generally align with South Dakota's statewide averages, which are often slightly below the national average due to the state's stable banking sector. However, as a small rural community, local lender options may be limited, so it's wise to also check with regional banks in nearby larger towns like Aberdeen for competitive rate comparisons. Your specific rate will depend heavily on your credit score and down payment.
Are there any down payment assistance programs specifically for buying a home in Frankfort?
While Frankfort itself does not offer a city-specific program, South Dakota has a statewide First-Time Homebuyer Program through the South Dakota Housing Development Authority (SDHDA). This program offers competitive interest rates and down payment assistance in the form of a low-interest second mortgage, which is accessible to eligible buyers purchasing in Frankfort and other qualifying areas.
How does the appraisal process work for a home in a small town like Frankfort, given the limited number of recent comparable sales?
Appraisals in Frankfort can be challenging due to the low volume of home sales. An appraiser will often look at comparable properties ("comps") not just in Frankfort but also in similar nearby rural communities within Spink County. Unique property features, condition, and lot size become especially important in determining value when direct comps are scarce.
What should I know about getting a USDA Rural Development loan for a property in Frankfort?
Frankfort is an excellent candidate for a USDA RD loan, as it's designated a rural area by the USDA. This means eligible buyers can purchase a home with 0% down payment. The property must meet USDA eligibility standards, which most single-family homes in Frankfort do, making this a powerful and popular option for qualified low-to-moderate income buyers in the area.
Are there any local lenders in Frankfort, or will I need to work with a bank from a larger city?
Frankfort is served by local community banks and credit unions that have deep roots in the area and understand the local real estate market. While you may find a wider variety of loan products with larger regional banks in Aberdeen or Sioux Falls, a local Frankfort lender can offer personalized service and may have more flexibility in underwriting for unique rural properties.
Why Choose a Mortgage Lender in Frankfort?
Local Market Knowledge
Lenders who understand Frankfort'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 Frankfort and get competitive rates on your home loan.