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South Dakota 125 Anniversary

Current Interest Rates

 Effective 3/6/14     8:15 A.M.

 
Government
(FHA, VA and USDA Rural Development)
Government
(FHA, VA and USDA Rural Development)
WITH SDHDA TAX CREDIT OPTION
 Conventional
(PMI Insured and Uninsured)
 Conventional
(PMI Insured and Uninsured)
WITH SDHDA TAX CREDIT OPTION
Fixed Rate 
N/A
N/A
 4.250%
1% Origination Fee
1% Discount Point
4.375%
1% Origination Fee
1% Discount Point
$250 Tax Credit Fee
 3.875%
1% Origination Fee
0% Discount Point
4.000%
1% Origination Fee
0% Discount Point 
$250 Tax Credit Fee
4.500%
1% Origination Fee
0% Discount Point  
4.625%
1% Origination Fee
0% Discount Point
$250 Tax Credit Fee
Fixed Rate Plus
(3% Gift Funds)
 4.375%
1% Origination Fee
0% Discount Point
 4.500%
1% Origination Fee
0% Discount Point
$250 Tax Credit Fee
5.000% 
1% Origination Fee
0% Discount Point
5.125% 
1% Origination Fee
0% Discount Point
$250 Tax Credit Fee

 




Terms you should know when considering SDHDA's Interest Rates:

Government Versus Conventional

Interest rates are usually quoted in terms of "Government" or "Conventional." "Government" type loans are those that are either insured or guaranteed by an entity of the federal government where as "Conventional" type loans either have private mortgage insurance (PMI) or with a 20% downpayment are not insured at all. The insurance or guarantee protects the mortgage holder against loss due to non-payment or foreclosure of your loan. There is a cost to you and your Participating Lender that will explain each type and help you choose which one is best for you.

Fixed Rate Plus

The "Fixed Rate Plus" rate option provides down payment and closing cost assistance (3% of the loan amount as a gift at the loan closing). This gift is never repaid! It does require a slightly higher interest rate.

Tax Credit (MCC)

"Tax Credit" refers to the interest rate option that allows you, through a Mortgage Credit Certificate (MCC), to convert some of your mortage interest into a tax credit each year. This "Tax Credit" is a dollar-for-dollar reduction in your tax bill and the remaining interest paid is still eligible for the home mortgage interest deduction.

Locking-In

SDHDA's interest rates are subject to change anytime and generally rates are locked (Reversed/Committed) at the end of the processing period prior to loan closing.