Mortgage loan programs for
Sioux Falls & South Dakota homebuyers
At Fairway Heartland, we offer a full range of home loan programs to meet the needs of buyers and homeowners across Sioux Falls, Harrisburg, Tea, Brandon, and Southeast South Dakota. As a direct lender, our team handles your loan in-house from application through closing, with no outside underwriting delays. Whether you're a first-time buyer, a veteran, refinancing, or exploring a reverse mortgage in retirement, our loan officers will help you find the right fit.
Conventional Loans in sioux falls, sd
Conventional loans are the most common type of mortgage, designed for borrowers with established credit and a stable income. They're available for primary residences, second homes, and investment properties throughout South Dakota.
Down payments can be as low as 3% for qualified first-time buyers, and mortgage insurance can be removed once you reach 20% equity, unlike FHA loans, which require it for the life of the loan in most cases.
fha loans in sioux falls, sd
FHA loans are backed by the Federal Housing Administration and designed for low-to moderate-income borrowers. They allow down payments as low as 3.5% with credit scores starting around 580, making them a popular choice for first-time homebuyers in Sioux Falls and across South Dakota.
FHA loans require mortgage insurance premiums (MIP), which apply for the life of the loan in most cases — an important factor to weigh against conventional financing as your credit and savings improve.
va home loans in sioux falls, sd
VA loans are designed for military veterans, active-duty service members, and eligible spouses. In most cases, VA loans require no down payment* and no monthly mortgage insurance, and the VA funding fee is waived for qualified disabled veterans.
Troy Lage, a veteran himself, leads much of Fairway Heartland's VA lending and understands firsthand what military families need from the homebuying process.
usda rural development loans in sioux falls, sd
USDA loans offer 100% financing, no down payment** required, for eligible low- to moderate-income buyers purchasing in qualifying rural areas. Many communities surrounding Sioux Falls, including parts of Harrisburg, Tea, and Brandon, may qualify depending on USDA property eligibility maps.
**USDA Guaranteed Rural Housing loans subject to USDA-specific requirements and applicable state income and property limits. Fairway is not affiliated with any government agencies. These materials are not from USDA or RD and were not approved by USDA or RD or any other government agency
jumbo loans in sioux falls, sd
Jumbo loans are required when a loan amount exceeds the conforming loan limit set annually by the Federal Housing Finance Agency (FHFA). These loans typically require stronger credit, larger down payments, and more extensive financial documentation than conventional financing.
If you're purchasing a higher-priced home in the Sioux Falls area, our loan officers can walk you through current jumbo loan limits and qualification requirements.
first-time & repeat homebuyer programs in south dakota
South Dakota offers homebuyer assistance through the South Dakota Housing Development Authority (SDHDA), which uses housing bonds, tax credits, and other resources to help low- to moderate-income buyers, both first-time and repeat, purchase a primary residence.
These programs may offer below-market interest rates and down payment assistance. Visit sdhda.org to learn more, or talk to a Fairway Heartland loan officer about whether you qualify.
Reverse Mortgages in Sioux Falls & south dakota
A reverse mortgage (HECM) allows homeowners 62 and older to access their home equity without a required monthly mortgage payment (borrower is still responsible for essential property charges like taxes and insurance). Funds can be received as a lump sum, in monthly payments, as a line of credit, or a combination, giving retirees the flexibility to support their goals while remaining in their home.
Fairway Heartland has multiple Certified Reverse Mortgage Specialists on staff, Jeff Buum, Nick Kiesow, and Troy Lage, who guide South Dakota homeowners through every step, including required HUD counseling.
Copyright©2026 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.
adjustable-rate mortgages (arm) in sioux falls, sd
An adjustable-rate mortgage (ARM) starts with a fixed interest rate for an initial period, often 5, 7, or 10 years, before adjusting periodically based on market conditions. ARMs can offer a lower initial rate than a fixed-rate loan, which may benefit buyers who plan to sell or refinance before the adjustment period begins.
refinance in sioux falls, sd
Refinancing your current mortgage can help you secure a better rate and term, shorten your loan term, or access your home's equity through a cash-out refinance, useful for consolidating debt, funding renovations, or covering major expenses.
Our Certified Mortgage Advisors can review your current loan and help you determine whether refinancing makes sense in today's rate environment.
heartland heroes program
Are you a medical professional, veteran, active-duty military member, law enforcement officer, firefighter, teacher or first responder? Through the Heartland Heroes Program, eligible borrowers may receive a discount on closing costs.
*May not be redeemed for cash. One discount of $500 on closing costs per loan. Discount will be applied as a lender credit on a closing disclosure at closing. Loan must close and fund with Fairway Heartland Branch 8350. Special incentive offer subject to change without notice. This offer not valid with any other incentives or discounts. Borrower is responsible for the down payment. No part of credit can apply to or offset down payment.
FAQs
What credit score do I need to qualify for an FHA loan in South Dakota?FHA loans may be available with credit scores as low as 580, though specific requirements can vary. Our loan officers can review your full financial picture during a free consultation.
Can I get a reverse mortgage if I'm still paying off my current mortgage?Often, yes — proceeds from the reverse mortgage can be used to pay off an existing mortgage balance, eliminating the monthly payment. Eligibility depends on your equity position. Visit our reverse mortgage page or contact a Certified Reverse Mortgage Specialist for details.
Do USDA loans require a down payment in South Dakota?In most cases, no. USDA Rural Development loans offer 100% financing for eligible buyers purchasing in qualifying rural areas, including many communities near Sioux Falls.
What's the difference between a conventional and an FHA loan?Conventional loans typically require stronger credit but allow you to remove mortgage insurance once you reach 20% equity. FHA loans have more flexible credit requirements but require mortgage insurance for the life of the loan in most cases.
Ready to Take the First Step?
Talk to a mortgage loan officer in Sioux Falls to get clear answers about what you qualify for and what your next step looks like.
Are you ready to buy a house?
Call (605) 906-1020
