South Dakota VA Loan

South Dakota VA Loans

Veterans who live in South Dakota are able to take advantage of the South Dakota VA loan, a specialized loan program backed by the US government through the Department of Veteran Affairs (VA).

What is the VA Loan?

The VA loan program exists to help veterans purchase homes. The VA does not provide the loans. Rather, private lenders do. These lenders are able to offer better rates and terms to veterans due to the fact that the VA takes on some of the lending risk.

VA Loan Benefits in South Dakota

Some of the best benefits available to South Dakota veterans through the VA loan program are as follows.

No down payment.
Minimal credit score and income needs.
Private mortgage insurance is not necessary.
Closing costs can be paid by the seller.
Many different loan types are available.

VA Loan Requirements and Eligibility

In order to qualify for a VA loan, you must meet three primary requirements. These are listed here.

You must be an American citizen.
You must have served with a branch of the US Armed Services for at least 90 continuous days. These days must have been active duty.
You must not have been dishonorably discharged.

VA Refinance

You can refinance your existing mortgage with a South Dakota VA streamline refinance. This can save you a lot of money if you’re able to secure a lower interest rate. The streamline program allows you to skip paying several fees connected with a refinance and move directly into a new mortgage.

South Dakota VA Mortgage Rates

The mortgage rate you get on your VA loan will determine how much interest you’ll have to pay over time. As a result, the lower your rate, the less money you’ll have to pay for your home. Compare mortgage rates offered by several lenders in your area to find the best deal.

VA Lenders in South Dakota

To find out what mortgage rates are available to you, fill out the form above. We’ll connect you with up to four lenders in your area who are qualified to handle your VA loan. Make sure you find out what the VA loan limits are in your area. If you need more information, contact the Department of Veteran Affairs.

South Dakota Military Information

There is only one active military installation in South Dakota, but it is a major one. This is Ellsworth Air Force Base. Ellsworth AFB is where VA home loan applicants in South Dakota often live and work.