4 Unique Mortgage Loans You Should KnowFeb 09, 2022 ● By The Hood Magazine
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.
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
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.