The Best Mortgage Lenders in Henry, SD
Compare verified mortgage lenders serving Henry, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Henry
Featured Mortgage Lenders
First Dakota National Bank
First Dakota National Bank
As South Dakota's oldest state-chartered bank, First Dakota National Bank has been serving communities across eastern South Dakota for over 140 years. They maintain a strong presence in rural areas like Henry through their extensive branch network and dedicated mortgage team. Known for personalized service and competitive rates, they specialize in agricultural and rural property financing while offering a complete range of mortgage products. Their deep community roots and understanding of local real estate markets make them a top choice for Henry residents.
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Sioux Falls Federal Credit Union
Sioux Falls Federal Credit Union
Serving members across eastern South Dakota including Codington County where Henry is located, Sioux Falls Federal Credit Union has built an outstanding reputation for mortgage lending. As a member-owned cooperative, they offer highly competitive rates and personalized service. Their mortgage specialists are praised for guiding borrowers through the entire process with exceptional care. They particularly excel at first-time homebuyer programs and offer flexible underwriting that benefits rural property buyers in communities like Henry.
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Plains Commerce Bank
Plains Commerce Bank
Plains Commerce Bank has established itself as a leading mortgage lender serving rural South Dakota communities including Henry. They specialize in understanding the unique needs of small-town and rural property financing. With a reputation for responsive service and competitive rates, they offer both in-person and digital mortgage solutions. Their experienced loan officers are known for working efficiently while maintaining personal relationships with borrowers. They have particular expertise in agricultural-area properties and offer flexible financing options suited to the Henry market.
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Frequently Asked Questions
Common questions about mortgage lending in Henry, SD
What are the typical down payment requirements for homes in Henry, SD, given the local market?
In Henry's affordable rural market, many conventional loans require a 5% down payment, but local lenders often work with USDA Rural Development loans, which offer 0% down payment options for eligible buyers in this designated rural area. FHA loans with 3.5% down are also common for first-time buyers looking at the area's more moderately priced homes.
Are there any South Dakota or local programs to help with down payment or closing costs in Henry?
Yes, the South Dakota Housing Development Authority (SDHDA) offers the *First-Time Homebuyer Program* and the *Housing Access Program*, which provide competitive interest rates and down payment/closing cost assistance in the form of a second mortgage. These programs are available statewide, including in Henry, and have income and purchase price limits that many local buyers can meet.
How does the lack of a state income tax in South Dakota affect my mortgage qualification in Henry?
The absence of a state income tax is a significant advantage, as your debt-to-income (DTI) ratio is calculated using your higher take-home pay. This often allows you to qualify for a larger mortgage amount compared to borrowers in states with income taxes, making homeownership in Henry more accessible on a local salary.
What should I know about property taxes and insurance when budgeting for a mortgage in Henry?
Codington County, where Henry is located, has relatively moderate property tax rates. However, it's crucial to factor in flood insurance if the property is near the Big Sioux River or other waterways, as this can be a mandatory and costly addition to your monthly mortgage escrow payment. Your lender will help determine this requirement during the appraisal process.
Are mortgage rates different in a small town like Henry compared to larger cities in South Dakota?
Mortgage rates are primarily set by national markets, so they are generally consistent. However, working with a local lender or credit union familiar with Henry's specific property types and values can sometimes provide more competitive terms or specialized loan products for rural properties, which may not be as readily offered by large national banks.
Why Choose a Mortgage Lender in Henry?
Local Market Knowledge
Lenders who understand Henry'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 Henry and get competitive rates on your home loan.