The Best Mortgage Lenders in Hayes, SD
Compare verified mortgage lenders serving Hayes, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Hayes
Featured Mortgage Lenders
Dacotah Bank Mortgage
Dacotah Bank
Dacotah Bank is a highly respected regional financial institution with deep roots in South Dakota communities. While headquartered in Aberdeen, they actively serve rural areas throughout the state including Hayes. Their mortgage team receives exceptional ratings for personalized service and local decision-making. With over a century of operation, they understand the unique needs of South Dakota homeowners and offer competitive rates with flexible underwriting. Their expertise in USDA rural development loans makes them particularly well-suited for Hayes area residents seeking affordable financing options.
Loan Types:
Wells Fargo Home Mortgage
Wells Fargo Bank, N.A.
Wells Fargo maintains a strong physical presence in Aberdeen with mortgage specialists who regularly serve the Hayes area. As one of the nation's largest mortgage lenders, they offer comprehensive loan programs and competitive rates. Their local Aberdeen office provides personalized service while leveraging the resources of a major financial institution. Customers praise their efficient processing and extensive mortgage options, particularly for rural properties. With digital tools and local expertise, they consistently rank among the top mortgage providers for South Dakota residents.
Loan Types:
Dacotah Credit Union Mortgage Services
Dacotah Credit Union
Dacotah Credit Union has built an outstanding reputation for member-focused mortgage lending throughout northeastern South Dakota. Serving the Hayes community for decades, they offer personalized mortgage solutions with competitive rates and flexible terms. Their mortgage specialists are praised for walking members through every step of the home buying process and providing exceptional customer service. As a not-for-profit cooperative, they often offer lower fees and more favorable terms than traditional banks. Their expertise with USDA rural housing loans makes them an excellent choice for Hayes area homebuyers.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Hayes, SD
What are typical down payment requirements for homes in Hayes, SD, given the rural market?
In Hayes and the surrounding rural area, many lenders 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 lower property values in the area and can provide flexible options. It's important to confirm property eligibility for USDA loans, as Hayes is in a prime location for this program.
Are there any local or state-specific first-time homebuyer programs available in Hayes?
Yes, the South Dakota Housing Development Authority (SDHDA) offers several programs, including **down payment assistance** and competitive interest rate loans, which are accessible to Hayes residents. These programs often have income and purchase price limits, but given Hayes's modest home prices, many buyers can qualify. A local mortgage lender or real estate agent can help you navigate the specific "First-Time Homebuyer" and "Housing Opportunity" programs from SDHDA.
How does the appraisal process work for a rural property in Hayes, and are there any unique challenges?
Appraising rural properties in Hayes can be challenging due to the lack of comparable sales ("comps") in the immediate area. Appraisers may need to look at homes in a wider radius, including nearby towns like Presho or Kennebec, which can sometimes affect the valuation. It's wise to work with a lender experienced in rural mortgages who uses appraisers familiar with valuing acreages and properties with wells and septic systems.
What type of property insurance considerations are unique to a mortgage in Hayes, SD?
For homes in Hayes, standard homeowners insurance is required, but if your property includes acreage, outbuildings, or is used for any agricultural purpose, you may need additional coverage. Furthermore, given the region's exposure to severe weather like hail and high winds, lenders will ensure your policy adequately covers these perils. Discussing your property's specific use with a local insurance agent is crucial before finalizing your mortgage.
How do property taxes in Jerauld County affect the monthly mortgage payment for a home in Hayes?
Property taxes in Jerauld County, where Hayes is located, are generally **lower than state and national averages**, which helps keep total monthly mortgage payments affordable. These taxes are typically escrowed as part of your monthly payment. It's important to get an accurate estimate from the Jerauld County Director of Equalization, as tax rates can vary slightly, and this will be factored into your debt-to-income ratio during the mortgage approval process.
Why Choose a Mortgage Lender in Hayes?
Local Market Knowledge
Lenders who understand Hayes'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 Hayes and get competitive rates on your home loan.