The Mortgage Center

Mortgage Loans Back to Menu

Northern Hills Federal offers both fixed and adjustable rate mortgage loans.  These loans may be for home purchase, for refinancing of an existing mortgage, or for cash-out.  Although we do make and sell longer term first mortgage loans on the secondary market, we also make and keep many of our first mortgage loans in-house. 

In-house mortgage loans do not require an escrow account.  We do suggest that you set up a special savings account for taxes and insurance and deposit funds each pay period so that funds are available at tax and insurance time.  Your account would earn interest at the normal rate paid on savings during that period of time, and you would have complete control of the account.

We also offer purchase or refinance on 1-4 family properties, condominiums, and puds.

Are you considering buying or refinancing a home?  If you are, a visit to our Buying A Home calculator site is in order.  We can help you answer questions such as: How much house do I qualify for; how much house does a given monthly payment buy; and will refinancing save money? 

Mortgage Loan Partnerships: Back to Menu

VA Mortgage

This is a mortgage loan that is made and then sold on the secondary market, but guaranteed by the Veterans Administration to qualified veterans. There is no down payment required if the veteran has "full entitlement" and no private mortgage insurance (PMI) is required. For more information on this program, visit the US Department of Veterans Affairs Home Loan Guarantee Services page or call us at 605-347-4527.

FHA Mortgage

This is a mortgage loan that is made and then sold on the secondary market, but is insured by the Federal Housing Administration (FHA).  FHA loans finance up to 97% of the purchase price requiring only a 3% down payment with no private mortgage insurance. For more information on FHA loans, click here to go to the US Department of Housing & Urban Development website or contact us directly at 605-347-4527.

South Dakota Housing

South Dakota Housing Development Authority (SDHDA) loans are available to first-time home buyers, or buyers who have not owned real estate in the past three years. This program is designed for new construction or existing home loans and is not available for refinancing your current home. Substantial increases in qualifying incomes and home prices make this an attractive option for many borrowers. For more information, visit South Dakota Housing Development Authority directly or contact us directly at 605-347-4527.

Neighborhood Housing Services (NHS) of the Black Hills

Neighborhood Housing Services of the Black Hills, Inc. is a private, non-profit corporation committed to providing decent, safe and affordable housing and revitalizing neighborhoods to improve the quality of life in the communities they touch. NHS provides homebuyer education, can assist with closings and in seeking financial assistance for down payments.  NHS also works closely with the South Dakota Housing Development Authority on the Governor’s House program.

The Revolving Loan Fund at NHS provides “Remaining In Your Home” counseling to help prevent foreclosure and also provides low-interest rate loans for home improvements to eligible homeowners.

For more information, contact NHS at 817 ½ Main Street, Deadwood, SD, 57732, phone 605-578-1401or fax 605-578-1405 or visit their website at www.nhsblackhills.org.

Building Site Loan Back to Menu

Looking at land to build that dream home?  We can help you with your financing!  Northern Hills Federal offers loans for land which will be a future building site for your personal residence.  Members may have one building site at a time along with a mortgage on their existing residence.

Single Closing Construction Loan Back to Menu

This is an excellent product for members who are building a new home.  This loan will allow you to combine a construction loan and a long-term mortgage loan into one single closing with one set of closing costs!  Our single closing construction loan will save you time and money, plus give you peace of mind knowing your finances are taken care of.

Mobile Home with Land LoanBack to Menu

Northern Hills Federal will finance modular or mobile homes and land when the property is the member’s primary residence and it will be owner-occupied.