What Types of Loans does USDA offer in South Dakota?
Currently, there are two kinds of USDA Home Loans available in South Dakota for single family households: USDA Guaranteed Rural Housing Loans USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan in South Dakota and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicants may have an income of up to 115% of the median household income for the area. Area income limits for this program can be viewed here. All USDA Guaranteed Loans carry 30 year terms and are set at a fixed rate. USDA Direct Rural Housing Loans USDA Direct Housing Loans are less common than USDA Guaranteed Loans and are only available for low and very low income households to obtain homeownership, as defined by the USDA. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is 80 to 100 percent of AMI. Click here to see area income limits for this program. What factors
