So you’re ready to buy your first home? Congratulations on your journey to home ownership! Some of my favorite clients are the ones who want to own a home for the first time. Well, I have good news for you! There are programs to help the first time home buyer right here in Sioux Falls and throughout South Dakota.
A loan insured by the Federal Housing Administration, known as an FHA loan, requires a modest 3.5% down. That is a lot more affordable than the 20% down required for conventional financing. Another great option is the South Dakota Housing Administration and the several loan options they offer. These loans look at different income-based requirements, but a lot of people do qualify for this financing. Not only is there usually a great rate, but the down payment requirement is far lower than conventional and FHA financing.
First things first, though. Regardless of what financing options you choose, meeting with a lender first is the best advice I can give any home buyer. Not only will this tell you what you qualify for, but it will allow you and the lender to correct any errors in your credit that may stop you from getting the best rate. You may also have to pay off certain debt or fix some items before the purchase, which may take time. Once you’ve met with a lender and gained a mortgage commitment or get prequalified, it’s time to go shopping for that home of your dreams!
What other questions do you have about buying a home? Ask them here!
Eric Hurlburt
Hegg Realtors
2804 E. 26th Street
Sioux Falls, SD 57103
605-929-0700
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