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The Hood Magazine

4 Unique Mortgage Loans You Should Know

Feb 09, 2022 ● By The Hood Magazine
There are many different types of mortgage loans. Finding the right loan for your situation is key to purchasing your dream home. Here are four different types of mortgage loans every home buyer should know about.

First-Time Homebuyer Loan

If you’re buying a new home, this might be the loan for you. This is a great mortgage loan program that offers low down payment options and reduced interest rates to help people get into their first home. The South Dakota Housing Development Authority is offering homebuyers the option of getting a Mortgage Credit Certificate (MCC) when they buy their first home through South Dakota’s First-Time Homebuyers Program. Be sure to contact my team to see if this mortgage offer is the right one for you.

Rural Development Loan

This loan program may be one of the best-kept mortgage secrets out there. It gives homebuyers more options when looking to get out of more populated, urban environments. It's available for qualified applicants with moderate income looking to purchase their new home. The Rural Development Loan features a great interest rate, no mortgage insurance, and no down payments for those looking to get outside of major metropolitan areas.

Bridge Loan

A Bridge Loan is a type of mortgage loan that lets you borrow against the equity of your current home to cover the down payment of a new home you'd like to purchase, bridging the "gap" between them. The Bridge Loan reduces the stress of moving for you and your family, allowing for a more gradual transition to your new place. If you're considering selling your current home to purchase a new one, and you've built up some equity over the years, a Bridge Loan could help significantly simplify your next move.


If you own your home, you have total buying power. Use the equity you’ve established to help pay for unexpected expenses or short-term financial needs with a home equity line of credit (also called a “HELOC”). This flexible financing tool is a revolving line of credit, so it works like a credit card. Equity and interest rates work together, and since the loan is tied to the equity you have in your home, the interest you pay may be tax deductible. Again, contact Dawn and her team if you have any questions regarding this home equity approach.

Mortgage questions? Meet Dawn.

As a seasoned mortgage specialist with over 20 years experience, I’m eager to provide you with a wide range of mortgage options. That means doing research to find what product and loan works best for you. More importantly, I stay current with all communications–text, email, phone calls–to make sure you get into your new home with ease and your mortgage journey pleasantly manageable.

If you have any mortgage questions, feel free to reach out. I look forward to hearing from you. Dawn – 605.271.9754

Apply online at

Dawn Van Nieuwenhuyzen – Senior Mortgage Banker – NMLS #21096 – Plains Commerce Bank

All credit and loan products are subject to credit approval. Loan programs subject to qualification.

Member FDIC. Equal Housing Lender.