New Cost Savings for Those Looking to Purchase Their First Home!
February 18, 2011
First-time home buyers in South Dakota will need less money to buy a home thanks to a change made Friday (2/18/11) by the South Dakota Housing Development Authority (SDHDA). In the past, acquiring a first-time buyer home loan through SDHDA meant that you were required to pay two-percent of your loan amount as part of the upfront fees. Now you are required to only pay one-percent to obtain that loan. Depending on your loan size, it could save you thousands of dollars.
“This is exciting news for first-time home buyers in South Dakota,” commented Gary Weckwerth, Vice President of Mortgage Banking for Home Federal. “It’s usually quite a challenge for first-time buyers to find the resources needed to get into that first home. This change makes it a lot easier.”
SDHDA also updated interest rates on all of their programs. Today, step-rate loans start at 3.125%, fixed rates are at 4.125%. The fixed rate-plus program which, offers down payment and closing cost assistance of 3% of the loan amount, is at 4.625%. Loan rates are subject to change. For the latest program and qualification requirements, contact any Home Federal home loan specialist today. We would be happy to help you achieve your dream of homeownership!
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