The following is a partial list of programs offered by Advana Mortgage with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 605-275-2777.
• USDA Rural Development Loan (RD Loan): This loan offers up to 100% financing with minimal mortgage insurance required. This government-guaranteed loan has income and geographical restrictions. Ask your Mortgage Banker for details.
• Conventional Fixed Rate Mortgage (FRM): This loan program maintains the same interest rate throughout the term of the loan. We offer loan terms of 10,15,20 & 30 years. Private mortgage insurance (PMI) is required with a loan amount above 80% of your home's value.
• Federal Housing Administration Loan (FHA): This loan is insured by the Federal Housing Administration and allows the borrower to borrow up to 96.5% of the value of the home. The 3.5% down payment requirement can be gifted to the buyer, making FHA loans popular with first-time homebuyers. Upfront and monthly mortgage insurance are required on all FHA loans.
• Department of Veterans Affairs Loan (VA): VA loans offer up to 100% financing on the value of a home for qualified veterans. The government-insured VA loan requires a funding fee which typically can be included in the loan amount.
• Adjustable-Rate Mortgage (ARM): This type of mortgage has a variable interest rate paid on the outstanding balance according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which it is adjusted, often every year.
Craig Markhardt, CRMS
5109 S. Crossing Place #2
Sioux Falls, South Dakota 57108
Phone: 605-275-2777 | Fax: 605-275-2778