1st Mortgages
Highmark FCU, a Rapid City based Credit Union offers a variety of loan programs to meet your needs. There are many options available to you, whether you are looking to purchase or refinance your home and take out a 1st and/or 2nd mortgage on your home. Some of the programs available include, but are not limited to:
1st-Time Homebuyer Programs
For many, one of the largest obstacles to homeownership is coming up with money to close the loan. If you're a first time home buyer and meet the program's income qualifications, you may be eligible for down payment assistance and a below-market fixed interest rate mortgage loan. Benefits of the 1st-Time Homebuyer Programs are:
- Low interest rates
- Up to a 3% "Gift Program" available for qualified buyers from South Dakota Housing
- Sellers are allowed to pay up to 3% toward your closing costs
- Can be combined with other loan options to obtain 100% financing
- Can be used on existing properties or on new construction
To qualify for a 1st-Time Homebuyer Loan:
- You cannot have resided in a home in which you own during the previous three years. For the purpose of determing prior homeownership, residing in a dwelling unit that was not permanently affixed to a permanent foundation is not considered prior homeownership. Additionally, Veterans who are 2nd-Time Homebuyers may qualify under a "Veteran's Waiver".
If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today for a referral.
These rates are effective as of Monday, February 13, 2012.
| Term | Maximum Amount | Rate | Points | APR |
|---|---|---|---|---|
| 30 years | $204,432 | 4.125% | 0.0% | 4.412% |
All loans must meet lending standards of creditworthiness and be insured or guaranteed against default by the Federal Housing Authority (FHA), Veterans Administration (VA), USDA Rural Development or insured by a private mortgage insurance (PMI) company. Mortgage Insurance is not required if your downpayment is 20% or more.
Your total household income cannot exceed the federally-imposed Income Limit for the county in which the property is located. (Maximum Family Income by Family Size for the Black Hills region as of May 21, 2010: 2 or less = $58,900 3 or more = $67,735)
To expedite the processing of your mortgage loan request, please provide us with the following information:
- Completed Loan Application - online/paper
- W2's for the last 2 years
- Most recent paystub(s)
- If self-employed include last 2 years of completed tax returns with all schedules
- Most recent 2 months bank statements for all listed in the assets section of your application
If you are purchasing a home, please include the following documentation:
- Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.
Conventional 30 Year Fixed Rate Home Loan
This type of mortgage is the most common home loan. Your interest rate is fixed so your principal and interest payments will not change throughout the life of your loan. You can use this loan to purchase a home or refinance an existing loan.
If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today for a referral.
These rates are effective as of Monday, February 13, 2012.
| Term | Maximum Amount | Rate | Points | APR |
|---|---|---|---|---|
| 30 years | $417,000 | 4.125% | 0.0% | 4.258% |
To expedite the processing of your mortgage loan request, please provide us with the following information:
- Completed Loan Application - online/paper
- W2's for the last 2 years
- Most recent paystub(s)
- If self-employed or if you have rental property, include last 2 years of completed tax returns with all schedules
- Most recent 2 months bank statements for all listed in the assets section of your application
If you are refinancing an existing loan, please include the following documentation:
- Mortgage statement reflecting current principal, interest, and escrow payment
- Verification of Homeowner's Insurance
If you are purchasing a home, please include the following documentation:
- Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.
Conventional 20 Year Fixed Rate Home Loan
This type of mortgage is a commonly used term for borrowers that wish to pay off their homes faster than the traditional 30 Year Fixed Rate Loan. Your interest rate is fixed so your principal and interest payments will not change over the life of your loan. You can use this loan to purchase a home or refinance an existing loan.
If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today for a referral.
These rates are effective as of Monday, February 13, 2012.
| Term | Maximum Amount | Rate | Points | APR |
|---|---|---|---|---|
| 20 years | $417,000 | 4.125% | 0.0% | 4.309% |
To expedite the processing of your mortgage loan request, please provide us with the following information:
- Completed Loan Application - online/paper
- W2's for the last 2 years
- Most recent paystub(s)
- If self-employed or if you have rental property, include last 2 years of completed tax returns with all schedules
- Most recent 2 months bank statements for all listed in the assets section of your application
If you are refinancing an existing loan, please include the following documentation:
- Mortgage statement reflecting current principal, interest, and escrow payment
- Verification of Homeowner's Insurance
If you are purchasing a home, please include the following documentation:
- Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.
Conventional 15 Year Fixed Rate Home Loan
This type of mortgage is a commonly used term for borrowers that wish to pay off their homes faster than the traditional 30 Year Fixed Rate Loan. Your interest rate is fixed so your principal and interest payments will not change over the life of your loan. You can use this loan to purchase a home or refinance an existing loan.
If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today for a referral.
These rates are effective as of Monday, February 13, 2012.
| Term | Maximum Amount | Rate | Points | APR |
|---|---|---|---|---|
| 15 years | $417,000 | 3.375% | 0.0% | 3.606% |
To expedite the processing of your mortgage loan request, please provide us with the following information:
- Completed Loan Application - online/paper
- W2's for the last 2 years
- Most recent paystub(s)
- If self-employed or if you have rental property, include last 2 years of completed tax returns with all schedules
- Most recent 2 months bank statements for all listed in the assets section of your application
If you are refinancing an existing loan, please include the following documentation:
- Mortgage statement reflecting current principal, interest, and escrow payment
- Verification of Homeowner's Insurance
If you are purchasing a home, please include the following documentation:
- Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.
Conventional 10 Year Fixed Rate Home Loan
This type of mortgage is a commonly used term for borrowers that wish to pay off their homes more quickly than 15-, 20- or traditional 30 year fixed rate loans. Your interest rate is fixed so your principal and interest payments will not change over the life of your loan. A benefit of a 10 year fixed rate loans is that you save a tremendous amount of interest over the life of the loan due to the shortened length of the mortgage and the rapid pay down of principal. If you can afford the payments, then this might be the perfect option for you. You can use this loan to purchase a home or refinance an existing loan.
If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today for a referral.
These rates are effective as of Monday, February 13, 2012.
| Term | Maximum Amount | Rate | Points | APR |
|---|---|---|---|---|
| 10 years | $417,000 | 3.375% | 0.0% | 3.710% |
To expedite the processing of your mortgage loan request, please provide us with the following information:
- Completed Loan Application - online/paper
- W2's for the last 2 years
- Most recent paystub(s)
- If self-employed or if you have rental property, include last 2 years of completed tax returns with all schedules
- Most recent 2 months bank statements for all listed in the assets section of your application
If you are refinancing an existing loan, please include the following documentation:
- Mortgage statement reflecting current principal, interest, and escrow payment
- Verification of Homeowner's Insurance
If you are purchasing a home, please include the following documentation:
- Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.
FHA Loans
For many, one of the largest obstacles to homeownership is coming up with money to close the loan. This type of mortgage offers financing to a maximum 30 Year Fixed Rate. You can use this loan to purchase a home or refinance an existing loan. Benefits of the FHA Loan include:
- Low interest rates
- No income limits
- Can finance up to 96.5% of the home's value
- Available to all qualified homebuyers, including 1st-Time Homebuyers
To qualify for an FHA Loan, some restrictions may apply.
If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today for a referral.
These rates are effective as of Monday, February 13, 2012.
| Term | Maximum Amount | Rate | Points | APR |
|---|---|---|---|---|
| 30 years | $271,050 | 3.875% | 0.0% | 4.634% |
To expedite the processing of your mortgage loan request, please provide us with the following information:
- Completed Loan Application - online/paper
- W2's for the last 2 years
- Most recent paystub(s)
- If self-employed or if you have rental property, include last 2 years of completed tax returns with all schedules
- Most recent 2 months bank statements for all listed in the assets section of your application
If you are refinancing an existing loan, please include the following documentation:
- Mortgage statement reflecting current principal, interest, and escrow payment
- Verification of Homeowner's Insurance
If you are purchasing a home, please include the following documentation:
- Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.
VA Loans
If you are active military or retired military, this loan may be the one for you. It is a program designed exclusively for service members and veterans. You can use this loan to purchase a home or refinance an existing loan. Benefits of this program include:
- Low interest rates
- No money down - can finance up to 100% of purchase price
- Special benefits for disable veterans may apply
To qualify for a VA Loan, you must be current or prior military.
If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today.
These rates are effective as of Monday, February 13, 2012.
| Term | Maximum Amount | Rate | Points | APR |
|---|---|---|---|---|
| 30 years | $417,000 | 3.875% | 0.0% | 4.144% |
To expedite the processing of your mortgage loan request, please provide us with the following information:
- Completed Loan Application - online/paper
- W2's for the last 2 years
- Most recent paystub(s)
- If self-employed or if you have rental property, include last 2 years of completed tax returns with all schedules
- Most recent 2 months bank statements for all listed in the assets section of your application
- Certificate of Eligibility & DD214
If you are refinancing an existing loan, please include the following documentation:
- Mortgage statement reflecting current principal, interest, and escrow payment
- Verification of Homeowner's Insurance
If you are purchasing a home, please include the following documentation:
- Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $150,000 with closing costs of $3,000. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $500,000 with closing costs of $10,000. Your actual APR may be different depending upon these factors.
