The Best Mortgage Lenders in Selby, SD
Compare verified mortgage lenders serving Selby, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Selby
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its exceptional customer service and competitive rates. With over 27 years of experience, they have a strong presence in South Dakota and serve Selby through their Sioux Falls office. They are highly regarded for their wide range of loan options, including government-backed programs, and have consistently high ratings due to their transparent processes and personalized support. Their commitment to community involvement and customer satisfaction makes them a trusted choice for mortgages in the region.
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New American Funding
New American Funding
New American Funding is a highly-rated mortgage lender with a strong reputation for diversity in loan products and excellent customer care. Founded in 2003, they have built a robust presence in South Dakota, including service to Selby, and are praised for their competitive rates and efficient processing. They specialize in helping borrowers with various financial backgrounds, offering programs like FHA and VA loans, and have numerous positive reviews highlighting their responsiveness and expertise. Their local office in Sioux Falls ensures personalized service for clients in the area.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a reputable national mortgage lender with a significant local presence in South Dakota, serving Selby through their Sioux Falls branch. Established in 2000, they are known for their innovative online tools and competitive interest rates, making the mortgage process streamlined and accessible. With over two decades of experience, they offer a variety of loan types and have earned high customer ratings for their professionalism and reliability. Their focus on technology and customer service ensures a smooth experience for homebuyers in rural and urban areas alike.
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Frequently Asked Questions
Common questions about mortgage lending in Selby, SD
What are the typical down payment requirements for homes in Selby, SD, given the local market?
In Selby's affordable market, many conventional loans require a 5% down payment, but local lenders often work with USDA Rural Development loans, which offer 0% down for eligible buyers in this designated rural area. For a typical Selby home priced around $150,000, a 5% down payment would be approximately $7,500, making homeownership very accessible.
Are there any special first-time homebuyer programs available specifically for Selby residents?
Yes, the South Dakota Housing Development Authority (SDHDA) offers First-Time Homebuyer programs with competitive interest rates and down payment assistance, which are fully accessible to Selby buyers. Additionally, local lenders may have relationships with community programs or grants aimed at encouraging growth in smaller towns like Selby.
How do property taxes in Selby, SD, impact my monthly mortgage payment?
Property taxes in Selby and Walworth County are relatively moderate compared to national averages, which helps keep escrow payments lower. For budgeting, expect property taxes to add roughly $100-$200 per month to your total mortgage payment for a median-priced home, but your lender will provide an exact estimate based on the specific property.
What type of property appraisal challenges are common for mortgages in a small town like Selby?
Appraisals in Selby can sometimes be challenging due to fewer recent comparable home sales ("comps") in the immediate area. Appraisers may need to look at sales in nearby towns like Mobridge or Aberdeen, which can occasionally affect valuation. Working with a lender familiar with the local rural market is key to navigating this smoothly.
Is homeowner's insurance more expensive for Selby properties, and how does it affect my loan?
Homeowner's insurance in Selby is generally affordable, but lenders will require coverage for specific risks like wind/hail common in the region. Your monthly mortgage payment will include an escrow for insurance, typically adding $50-$100 per month. It's wise to get quotes from local and regional insurers familiar with South Dakota's weather patterns.
Why Choose a Mortgage Lender in Selby?
Local Market Knowledge
Lenders who understand Selby'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 Selby and get competitive rates on your home loan.