The real estate market can be a dynamic and challenging industry. When you combine this with the fact that buying a new home is frequently the largest purchase many people will make in their lifetime, it can become stressful.
As the best home loans bank in Rapid City, our mortgage loan department features a wide assortment of mortgage loan options, so you are certain to get the right loan for your needs.
We have a reputation for providing low mortgage rates and low mortgage cost with streamlined closing times. We strive to close within 30 days and make the process as seamless and stress free as possible.
Our resources in the secondary market allow you to choose the best option for your home loan.
At Black Hills Community Bank, our conventional mortgage loan works within the guidelines for the size of the loan and your financial situation. Often times, conventional loans offer lower interest rates compared to FHA or VA loans. Our conventional loans range from 10 to 30-year fixed rate. What does this mean for you? A fixed rate ensures your interest rate will not change during the life of the loan. Benefits to our conventional loans include:
- Down payment requirements
- No property limitations
- No area limits
- No income limits
- No purchase price limits
- Maximum Loan – $484,350
If you are in the market for a new home but are worried about securing a down payment, then a rural development loan may be right for you. Rural development loans provide up to 100 percent financing to qualified buyers in eligible areas. Benefits to our rural development loan include:
- First time or Second time home buyer eligibility
- No down payment required
- Closing costs may be financed on some transactions
- No limitations on seller contribution
- Funding fee 1.00% up front and .35% annual for the life of the loan
- Property must be in an eligible area and cannot be subdivided (link to eligibility site)
As a government backed loan, FHA mortgage loans provide more flexible requirements than a conventional mortgage loan. Although an FHA loan comes with less restrictions, the interest rate tends to be higher than other mortgage loan options but don’t let that worry you. FHA loan benefits include:
- Down payment requirement of 3.50%
- Gift funds allowed for entire down payment, closing costs and prepaid items
- Seller-paid contributions up to 6%
- Non-occupant co-borrowers allowed
- No reserves required for 1-2-unit properties unless borrower has little or no traditional credit
At Black Hills Community Bank, we work hard to support our active and retired military families. Through our VA loan program, financing for your dream home is made easy with a variety of fixed rate and adjustable rate loan options.
- Gift funds allowed
- Maximum loans $2,000,000.00 (100% financing is available only up to the VA county loan limit)
- Veterans can use SDHDA for subsequent use if they are within the income and purchase price limits
- No property limitations
- Seller contributions up to 4%
Other mortgage loans options include:
|Manufactured Homes||New Construction|
|Jumbo Loans||Second Mortgages|
|Home Equity Lines of Credit||Commercial|
|Commercial Real Estate||In-house Loans|
Call us at Black Hills Community Bank and set up an appointment to visit with one of our mortgage loan officers to discuss which loan is best for you, and to pre-qualify for your loan, so that you will know exactly what price range you have to work with for the purchase of your new home.
Lori LynassSVP Mortgage ManagerRapid City
Dale BarcusMortgage BankerRapid City
Teri McNallyMortgage BankerRapid City
Stephen ReichertMortgage BankerSpearfish