Areas We Serve

Griffin Funding is one of Sioux Falls’s premier mortgage lenders, but our services extend to various cities across South Dakota. Among the many cities we serve are:

  • Sioux Falls
  • Rapid City
  • Aberdeen
  • Brookings
  • Watertown
  • Mitchell
  • Yankton
  • Pierre
  • Huron
  • Spearfish

Mortgage Loans Available In South Dakota

Griffin Funding offers mortgage loans in Sioux Falls and plenty of other cities in South Dakota. At Griffin Funding, we provide a wide selection of home loan options in South Dakota for first-time home buyers and repeat buyers. Among the mortgage types presently accessible in South Dakota are:

  • VA Loans: Designed for veterans, active-duty service members, and eligible surviving spouses, VA loans feature attractive terms, including no down payment requirement and exemption from private mortgage insurance (PMI).
  • Bank Statement Loans: Designed for self-employed individuals or those with non-traditional income sources facing challenges in providing conventional income proof, bank statement loans rely on bank statements for income verification rather than W-2 forms or tax returns.
  • Debt Service Coverage Ratio (DSCR) Loans: Designed for real estate investors who may not conform to traditional income documentation standards, DSCR loans take into account the potential income generated by the financed property. Instead of solely evaluating personal income, lenders examine the property’s debt service coverage ratio to ensure it produces sufficient income to cover mortgage payments and associated expenses.
  • Conventional Loans: Compared to government-backed loans, conventional loans lack insurance or support from any government entity. While conventional loans can be strict when it comes to qualification requirements, they offer competitive rates, flexible terms, and features that help protect both the lender and borrower.
  • Asset-Based Loans: Asset-based lending allows you to use liquid assets like bank accounts and investment accounts as income rather than pay stubs or tax returns.
  • USDA Loans: A USDA mortgage can be a great option in South Dakota, a state where rural communities are extremely prevalent. These loans are specifically designed for properties situated in qualified rural areas and allow borrowers to secure financing with no down payment and relatively low rates.
  • Home Equity Loans: Use a home equity loan to pull equity out of your home and get funds that you can use from home renovations, improvements, debt consolidation, education expenses, and more.
  • ITIN Loans: ITIN loans open up a path to homeownership for foreign nationals who don’t have a Social Security number but do have an Individual Taxpayer Identification Number.
  • FHA Loans: An FHA loan is a government-backed loan that allows borrowers to qualify with a down payment as low as 3.5% and relatively low credit scores.

Griffin Funding presents various South Dakota mortgage options tailored to accommodate diverse borrowers and financial situations, including those seeking a self-employed mortgage.

South Dakota Mortgage Rates

South Dakota’s mortgage rates are subject to fluctuations influenced by various factors, including the mortgage type, credit score, loan amount, and broader economic conditions. Rates can vary for conventional loans, FHA loans, VA loans, and other mortgage options.

Typically, borrowers with higher credit scores and lower loan-to-value ratios qualify for lower interest rates. Prospective buyers, especially those seeking self-employed home loans, should explore and compare rates from multiple lenders to secure the most competitive option tailored to their specific financial circumstances.

Whether you’re refinancing or seeking a first-time home buyer loan in South Dakota, finding a rate that aligns with your budget is key.

South Dakota Mortgage Requirements

While loan requirements can vary based on the type of financing you’re seeking out, there are several common factors that prospective borrowers should take into account:

  • Credit score: Lenders typically look for a credit score of 600 or higher for most loan types, though certain mortgage loans may accept lower scores.
  • Debt-to-income ratio (DTI): Lenders assess the borrower’s DTI to ensure that their monthly debt obligations are manageable in relation to their income.
  • Income: Demonstrating stable and verifiable income is crucial for loan approval, as it indicates the borrower’s ability to make timely mortgage payments.
  • Down payment: The size of the down payment affects loan terms and eligibility. Options range from zero down for loans such as VA and USDA loans to as much as 20% down for conventional loans.

What’s the minimum credit score needed to get a mortgage in South Dakota?

The credit score necessary for a home loan in Sioux Falls or another city in South Dakota varies based on the type of loan you choose. Generally, a score of 600 or higher is necessary, though higher scores can lead to more favorable mortgage rates in the state.

Loan options like FHA may accept lower scores, whereas conventional loans typically demand higher scores for access to preferable rates. Potential home buyers should aim for the highest credit score possible to increase their chances of securing a mortgage with favorable terms.

Apply for a Mortgage in South Dakota Today

Look to Griffin Funding as your go-to source for mortgages in South Dakota. Leveraging our in-depth understanding of the market, we offer a diverse range of tailored loan options and specialize in non-QM mortgage loans. Whether you’re embarking on your first home purchase or seeking to refinance, we provide personalized solutions aligned with your homeownership goals.

Our dedication to excellence shines through in our competitive rates and flexible terms. Don’t let the complexities of mortgages hold you back from owning a home. With the Griffin Gold app, you can simplify the mortgage process and access valuable financial tools to prepare you for homeownership.

Begin your journey to homeownership today by applying for a home loan in South Dakota with Griffin Funding!