The Best Mortgage Lenders in Howes, SD
Compare verified mortgage lenders serving Howes, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Howes
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with a strong local presence in the Black Hills region, serving Howes, SD. They are renowned for their exceptional customer service, competitive interest rates, and personalized approach to mortgage lending. With over 28 years of experience, they have a proven track record of helping homebuyers with various loan types, and their high customer satisfaction ratings reflect their reliability and expertise in the South Dakota market.
Loan Types:
Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its fast processing times, community involvement, and excellent customer service in the Howes, SD area. They offer a wide range of loan products tailored to first-time homebuyers and experienced investors alike. With 16 years of experience, they have built a strong reputation for transparency and competitive rates, supported by numerous positive reviews from South Dakota residents.
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New American Funding
New American Funding, LLC
New American Funding is a reputable lender serving Howes, SD, with a focus on diverse loan options and exceptional customer support. They have over two decades of experience and are known for their innovative solutions, including specialized programs for underserved communities. Their high ratings and positive feedback highlight their commitment to providing reliable and competitive mortgage services across South Dakota.
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Frequently Asked Questions
Common questions about mortgage lending in Howes, SD
What are the typical down payment requirements for homes in Howes, SD, given the rural market?
In Howes and the surrounding rural area, many lenders can offer USDA Rural Development loans, which require **0% down payment** for eligible borrowers and properties. For conventional loans, a 5-10% down payment is common, but the lower overall home prices in Meade County compared to urban areas can make saving for a down payment more achievable. It's important to discuss your specific situation with a local lender familiar with the area's property types.
Are there any local or state-specific first-time homebuyer programs available for Howes residents?
Yes, South Dakota Housing Development Authority (SDHDA) offers the **First-Time Homebuyer Program**, which provides competitive fixed-rate mortgages and down payment assistance in the form of a low-interest second mortgage. This program is available statewide, including in Howes, and has income and purchase price limits that are very attainable for the local market.
How does the appraisal process work for a unique rural property in Howes, like acreage or a farmette?
Appraising rural properties in Howes requires an appraiser with specific expertise in valuing land, outbuildings, and well/septic systems, as comparable sales can be sparse. Lenders will often seek an appraiser from a larger nearby community like Rapid City or Sturgis who understands the Meade County market. This process can take longer and may cost slightly more than a standard urban appraisal.
What should I know about mortgage rates and lender options in a small town like Howes?
While Howes itself has limited physical bank branches, residents typically work with lenders in nearby Rapid City (about 50 miles away) or utilize national online lenders. Rates are influenced by national trends but can be very competitive. Working with a South Dakota-based lender or credit union can provide advantages, as they often have a better understanding of local property issues and may offer relationship discounts.
Are there special mortgage considerations for purchasing land and building a home in the Howes area?
Yes, financing land and construction requires a different loan process. You'll typically need a **construction-to-permanent loan**, which involves two phases: financing the build and then converting to a standard mortgage. Lenders will require detailed builder contracts, plans, and a significant down payment (often 20-30%). It's crucial to work with a lender experienced in rural construction, as they will understand well, septic, and driveway requirements specific to the county.
Why Choose a Mortgage Lender in Howes?
Local Market Knowledge
Lenders who understand Howes'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 Howes and get competitive rates on your home loan.