Home Loan Programs in Sioux Falls
Fairway Heartland offers a full range of home loan programs for 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 to closing, with no delays from outside underwriters. Whether you're a first-time buyer, a veteran, refinancing, or exploring a reverse mortgage in retirement, Jeff Buum will help you find the right fit.
Adjustable-Rate Mortgage
Adjustable-rate mortgage loan (ARM Loan) is a term loan option where the interest rate can change periodically after the initial fixed-rate period. After this introductory period, the interest rate associated with the mortgage loan is susceptible to increases or decreases based on market fluctuations, ultimately affecting your monthly mortgage payment.
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Bridge Loan
A bridge loan can fit homeowners who are ready to move but don't want to wait on the sale of their current home. It can also help you make a stronger offer in a competitive market. Jeff Buum can review your situation and confirm whether it fits your timeline and goals.
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Cash Out Refinancing
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.
Jeff Buum can review your current loan and help you determine whether refinancing makes sense in today's rate environment.
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Construction Loans
Experience the convenience of a Single Close loan—your complete one-time close construction loan solution for new builds, whether site-built, modular, or manufactured homes. Fairway simplifies builder construction financing with one closing, interest-only payments during construction, and automatic conversion to permanent financing upon completion. Perfect for those seeking a modular home construction loan or manufactured home construction loan, our streamlined process delivers rate protection, predictable draws, and a faster path from foundation to finished home.
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Conventional Loan
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.
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FHA Loan
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.
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Fixed-Rate Mortgage
Fixed-rate mortgage loans can be a Conventional mortgage loan, an FHA mortgage loan, a VA mortgage loan, a USDA mortgage loan, a Jumbo mortgage loan — any of these! Describing a mortgage loan as “fixed-rate” only means that, whoever is backing or insuring the loan, the interest rate associated with the home mortgage loan will not change at all over the life of the home mortgage loan. 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.
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HELOC
A home equity line of credit (HELOC) is a second mortgage that lets you borrow against the equity in your home, up to an approved limit. It works like a credit line. You draw money when you need it and pay interest on what you use. Your first mortgage stays in place 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.
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Jumbo Mortgage Loan
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, Jeff Buum can walk you through current jumbo loan limits and qualification requirements.
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Non-Conforming/Non-QM Loans
Non-Conforming loans can help open the door to homeownership for entrepreneurs, self-employed professionals, investors, and individuals with complex income structures.
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Physician Loan Mortgage
Medical professionals have a unique set of challenges on their journey to homeownership. Whether you're moving across the country or tackling student loan debt, Jeff Buum understands your specific needs when applying for a home loan.
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Refinance Loan
By refinancing your home mortgage loan, you are paying off your current home mortgage loan with a new loan and restructuring the new home loan to fit your current needs and goals. With the refinanced loan, you could save a considerable amount of money over the life of the new home mortgage loan and potentially improve your overall financial outlook.
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Renovation Loan
When shopping for a home, you may come across properties that aren’t quite what you are looking for but are oozing with potential. With one of Fairway’s renovation loan options, you can roll the cost of those repairs and improvements into one loan, which can save you both time and money.
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Reverse Mortgage Loan
If you are 62 or older, a reverse mortgage loan can be used to turn a portion of the equity in your home into cash you can use for many different purposes, which may enhance and/or extend your retirement. If you currently have a forward mortgage, a reverse mortgage could eliminate your monthly mortgage payment.
Jeff Buum is a Certified Reverse Mortgage Specialist who guides 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 must obtain an eligibility certificate by completing 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.
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SD Housing
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 Jeff Buum, Fairway Heartland loan officer, about whether you qualify.
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USDA Mortgage Loan
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.
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VA Home Loan
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.
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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.
Frequently Asked Questions
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 Jeff Buum your Fairway Heartland mortgage loan officer in Sioux Falls to get clear answers about what you qualify for and what your next step looks like.