The Best Mortgage Lenders in Fulton, SD
Compare verified mortgage lenders serving Fulton, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Fulton
Featured Mortgage Lenders
First Bank & Trust
First Bank & Trust
First Bank & Trust is one of South Dakota's most established and highly-rated financial institutions with a strong presence throughout the state. While based in Sioux Falls, they serve clients across South Dakota including rural communities like Fulton. They offer comprehensive mortgage services with competitive rates and personalized service. Their experienced loan officers specialize in rural property financing and have extensive knowledge of South Dakota's unique real estate market. Customers consistently praise their responsive communication, transparent process, and local decision-making authority.
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Dacotah Bank
Dacotah Bank
Dacotah Bank has been serving South Dakota communities for over a century and maintains an excellent reputation for mortgage lending throughout the state. They have specific expertise in rural South Dakota properties and agricultural lending, making them particularly well-suited for Fulton area clients. Their local loan officers provide personalized service with deep knowledge of the region's real estate market. Customers highlight their competitive rates, flexible loan options, and commitment to community banking values. They offer both traditional and specialized loan programs tailored to South Dakota residents.
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Wells Fargo Home Mortgage
Wells Fargo Bank, N.A.
Wells Fargo maintains a significant physical presence in South Dakota with multiple branches and mortgage offices throughout the state. Their Sioux Falls location serves clients across eastern South Dakota, including Fulton. As one of the nation's largest mortgage lenders, they offer extensive loan programs, digital tools, and competitive rates. Their local mortgage consultants have deep knowledge of South Dakota's housing market and can provide both in-person and remote service. While a national bank, their local team provides personalized attention and understands the specific needs of South Dakota homebuyers, particularly in rural communities.
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Frequently Asked Questions
Common questions about mortgage lending in Fulton, SD
What are the typical down payment requirements for homes in Fulton, SD, given the rural market?
In Fulton's rural market, many lenders can offer USDA Rural Development loans, which require **0% down payment** for eligible borrowers and properties. For conventional loans, a 3-5% down payment is common, but local lenders are often familiar with the area's lower median home prices, making saving for a down payment more achievable than in larger cities.
Are there any South Dakota or local first-time homebuyer programs specifically beneficial for Fulton residents?
Yes, the **South Dakota Housing Development Authority (SDHDA)** offers first-time homebuyer programs with competitive interest rates, down payment assistance, and mortgage credit certificates for income-eligible buyers. These programs are highly relevant in Fulton, as they are designed to serve communities statewide, including smaller towns, and can be paired with USDA loans.
How does Fulton's location in a flood zone affect the mortgage process?
Fulton is located near the Big Sioux River, so lenders will require a **Flood Zone Determination**. If the property is in a Special Flood Hazard Area (SFHA), you will be mandated to purchase flood insurance, which becomes a condition of the loan and adds to your monthly housing cost. It's crucial to factor this into your budget early in the home search.
What type of property appraisal challenges are common for mortgages in a small town like Fulton?
Appraisals in Fulton can be challenging due to a limited number of recent, comparable home sales ("comps"). This can sometimes lead to appraisal gaps, where the appraised value comes in below the purchase price. Working with a lender who uses appraisers familiar with the rural South Dakota market is key to navigating this process smoothly.
Are local community banks or credit unions in Fulton better for mortgages than national lenders?
For Fulton, local institutions like **First National Bank in Sioux Falls** or **Union County-based credit unions** often have distinct advantages. They have firsthand knowledge of the local real estate market, may be more flexible with underwriting for unique rural properties, and frequently offer personalized service throughout the loan process, which can be invaluable in a small community.
Why Choose a Mortgage Lender in Fulton?
Local Market Knowledge
Lenders who understand Fulton'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 Fulton and get competitive rates on your home loan.