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South Dakota Mortgage - What to Know Before Buying a Home in South Dakota
Maybe youre buying your first home in South Dakota, or perhaps youre relocating to South Dakota from another state. Either way, its important that you educate yourself on South Dakota home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in South Dakota:
The median price of a home in South Dakota is $79,600. The price of homes in South Dakota varies widely between zip codes. For example, in Rapid City, South Dakota, the median price of a home in the summer of 2005 was $195,000; however, in Sioux Falls, South Dakota, the median price of a home was $171,000, and in Yankton, South Dakota, it was $149,000. Average interest and job growth rates in South Dakota are above the national average.
South Dakota state law requires that the minimum loan amount on a mortgage is $35,000. Additionally, it requires that an assignment of mortgage must be in writing and recorded. In the case of full loan repayment, the borrower must satisfy mortgage of record within 10 days of the lenders written request. If they do not do so, they are held responsible for all damages the lender incurs as a result of their ill-compliance, including the lenders lawyer fees and a $100 penalty.
South Dakota has a Fair Housing Law that prohibits mortgage discrimination against anyone because of their race, color, gender, religion, familial status, or national origin.
The Housing Development Authority in South Dakota assists low and moderate income families and first-time home buyers obtain mortgages. This program offers below-market interest rates and down payment assistance to borrowers who qualify under the states established guidelines.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about South Dakota Mortgage Rates and Loans.
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