South Dakota VA Loans
Right now is a great time to buy a new house in South Dakota if you are a qualified veteran. The VA has made it possible for South Dakota military members and veterans to purchase homes with absolutely no down payment. The loan limits have recently been increased for counties across the state as well, which means you can now purchase big family homes in the upper six figures without having to provide a down payment on the house.
Benefits
Not having to supply a down payment on a new house is the biggest benefits afforded to you by the VA. This is really great for first time homeowners and young couples who don’t have the capital saved up for a down payment. With a VA Loan you can often get a great interest rate and won’t have to pay private monthly mortgage insurance, making your monthly payments much lower than with a conventional loan. The other benefits include easy refinancing, minimal closing costs and flexible repayment options.
How to Qualify
In order to qualify for a South Dakota VA Loan you must prove your eligibility with the VA. The eligibility form can be found on the VA’s website and submitted either electronically or through the mail. The rules state that military members must have served a minimum of 181 days of regular active-duty service in order to qualify. Ex-military must have served this time and been honorably discharged. Once the VA has approved your form you will be issued with a Certificate of Eligibility (COE) which you will need to present to your lender when applying for the actual loan.
Choosing a Lender
It’s a good idea to get pre-approved for a loan before you start shopping around for you new house. In this way you will know just how much you will be able to afford when you start house hunting. When deciding on a lender you have many options, as long as they are part of the VA Loan Guaranty Program. Make sure you find a lender who can offer you the best rates and support as you will be with them for years to come.
Find Out What You Qualify For
Want to find out how much you qualify for? It’s never been easier. Just fill out our secure 1-minute quote request form and you can get a rate quote today.
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