The Best Mortgage Lenders in Howard, SD
Compare verified mortgage lenders serving Howard, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Howard
Featured Mortgage Lenders
First Fidelity Loan Corp.
First Fidelity Loan Corp.
First Fidelity Loan Corp is one of South Dakota's most highly-rated mortgage lenders with over two decades of experience serving communities across the state. They maintain an exceptional 4.8-star rating based on nearly 200 customer reviews, highlighting their commitment to personalized service and competitive rates. As a locally-owned and operated company, they specialize in understanding the unique needs of South Dakota homebuyers, including those in rural areas like Howard. Their team offers comprehensive mortgage solutions with particular expertise in USDA loans that benefit rural homebuyers, along with conventional, FHA, and VA options.
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Dacotah Bank
Dacotah Bank
Dacotah Bank has been serving South Dakota communities for nearly a century with deep roots in rural banking. With multiple locations across eastern South Dakota, they have extensive experience serving smaller communities like Howard. Their 4.7-star rating reflects consistent customer satisfaction in mortgage lending, particularly for agricultural and rural properties. They offer specialized knowledge of USDA rural development loans and have strong relationships with local real estate professionals throughout the region. As a community-focused institution, they provide personalized service and understand the specific financial needs of South Dakota residents.
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Wells Fargo Home Mortgage
Wells Fargo Home Mortgage
Wells Fargo maintains a strong physical presence in South Dakota with multiple branches and dedicated mortgage specialists serving the entire state, including Howard. With over 170 years of banking experience, they offer competitive rates and a wide range of mortgage products. Their 4.5-star rating from hundreds of customers demonstrates reliable service and extensive mortgage expertise. They provide the resources of a national lender combined with local knowledge through their South Dakota-based mortgage team. Wells Fargo is particularly strong in digital mortgage applications while maintaining in-person service options for customers who prefer traditional banking relationships.
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Frequently Asked Questions
Common questions about mortgage lending in Howard, SD
What are the typical down payment requirements for a mortgage in Howard, SD, given the local market?
In Howard's affordable housing market, many conventional loans can be secured with a 5% down payment, and FHA loans with as little as 3.5%. However, with median home prices well below the national average, local lenders often see buyers putting down 10-20% to secure better rates and avoid mortgage insurance, as loan amounts are more manageable.
Are there any South Dakota or local Howard programs to help first-time homebuyers with down payment assistance?
Yes, the South Dakota Housing Development Authority (SDHDA) offers the *First-Time Homebuyer* program, which provides competitive interest rates and down payment assistance in the form of a second mortgage. This program is actively used in Howard and surrounding Miner County, making homeownership more accessible for qualifying buyers with moderate incomes.
How do property taxes in Miner County and Howard, SD, affect my mortgage payment and qualification?
Property taxes in Miner County are a significant component of your monthly escrow payment. While South Dakota has no state income tax, local property tax rates are used to fund schools and services. Your lender will calculate these taxes (typically 1-1.5% of assessed value annually) into your debt-to-income ratio, which is crucial in a rural market where income verification can be stringent.
Is it difficult to get a USDA Rural Development loan in Howard, SD?
Not at all. Howard is an ideal location for a USDA RD loan, as the entire town and surrounding area qualify as "rural" under the USDA's definition. This popular program offers 100% financing (no down payment) for eligible buyers with moderate incomes, making it one of the most advantageous mortgage products for Howard residents due to the area's clear eligibility.
What local factors should I consider when choosing a lender for a home in Howard?
It's highly beneficial to choose a lender with direct experience in Howard and Miner County. Local and regional banks understand the nuances of appraising properties in a small, rural market and can often process loans more efficiently for older homes common in Howard. They are also best versed in pairing buyers with state-specific programs like those from SDHDA.
Why Choose a Mortgage Lender in Howard?
Local Market Knowledge
Lenders who understand Howard'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 Howard and get competitive rates on your home loan.