The Best Mortgage Lenders in Sioux Falls, SD
Compare verified mortgage lenders serving Sioux Falls, South Dakota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Sioux Falls
Featured Mortgage Lenders
Matt Hauge
First Premier Bank Mortgage
First Premier Bank is a highly-rated local South Dakota institution with deep roots in Sioux Falls. Their mortgage department receives exceptional reviews for personalized service, local decision-making, and competitive rates. As a community bank, they offer the advantage of working with local underwriters and processors who understand the Sioux Falls market specifically. Customers consistently praise their responsiveness, transparency throughout the process, and expertise with first-time homebuyer programs.
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Mortgage Department
The First National Bank in Sioux Falls
As Sioux Falls' original national bank, FNB has served the community for over a century with outstanding mortgage services. They maintain exceptional ratings for their local expertise, competitive pricing, and comprehensive loan options. Their mortgage team includes seasoned professionals with deep knowledge of South Dakota housing markets. Customers highlight their efficient processing, clear communication, and ability to close loans quickly. The bank's strong community presence ensures personalized service and local decision-making authority.
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Sioux Falls Mortgage Team
HomeStreet Bank
HomeStreet Bank maintains a strong Sioux Falls presence with a dedicated mortgage center that receives excellent customer feedback. While regional in scope, their local team provides personalized service with the backing of an established mortgage lender. They're particularly noted for competitive jumbo loan rates and expertise with construction lending. Reviewers consistently mention their professionalism, attention to detail, and ability to handle complex mortgage scenarios efficiently. Their long-standing reputation in the mortgage industry ensures reliable service and diverse loan product options.
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Frequently Asked Questions
Common questions about mortgage lending in Sioux Falls, SD
Are there any special first-time homebuyer programs available in Sioux Falls, SD?
Yes, the South Dakota Housing Development Authority (SDHDA) offers the First-Time Homebuyer Program, which provides competitive fixed-rate mortgages and down payment assistance to qualified buyers in Sioux Falls. This program is particularly valuable given the city's competitive housing market, helping to make homeownership more accessible with lower upfront costs and favorable terms for eligible applicants.
How do property taxes in Sioux Falls impact my monthly mortgage payment?
Property taxes in Minnehaha County (where Sioux Falls is located) are a significant component of your escrow payment. While South Dakota has no state income tax, property tax rates are used to fund local services and schools. Your lender will estimate these taxes based on the assessed value of the home, which is typically reassessed annually, so it's wise to budget for potential increases in your total monthly payment over time.
What is the typical down payment required for a mortgage in Sioux Falls' current market?
While 20% down is ideal to avoid private mortgage insurance (PMI), many buyers in Sioux Falls successfully purchase homes with down payments as low as 3% (conventional loans) or 3.5% (FHA loans). Given the steady appreciation and demand in the Sioux Falls market, a lower down payment can help you enter the market sooner, but be prepared for stronger offers if you can put down more.
Does Sioux Falls have any specific loan programs for homes in designated target areas or for certain professions?
While not city-specific, South Dakota offers the SDHDA's Mortgage Revenue Bond program, which can provide below-market interest rates for low-to-moderate income buyers anywhere in the state, including Sioux Falls. Additionally, some local lenders may offer "professional" loans or special programs for essential workers like teachers, healthcare professionals, or first responders serving the Sioux Falls community.
How does Sioux Falls' strong job market and growing population affect mortgage lending and approval?
Sioux Falls' robust economy and population growth are viewed positively by lenders, as they contribute to housing demand and stability. This can mean more competitive mortgage products are available from local and national lenders. However, lenders still closely evaluate debt-to-income ratios, so even with a stable job, it's important to manage other debts carefully to qualify for the best rates in this active market.
Why Choose a Mortgage Lender in Sioux Falls?
Local Market Knowledge
Lenders who understand Sioux Falls'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 Sioux Falls and get competitive rates on your home loan.