Loan Options

Conventional mortgages programs offer a variety of options to borrowers. Conventional loans adhere to the funding criteria of Fannie Mae and Freddie Mac. For additional information on Conventional financing contact your trusted Mortgage Banker at Advana Mortgage to talk about your options.

  • 30, 20, 15, & 10 Year rate terms
  • 1-to 4-unit property types
  • Private mortgage insurance applies to any Loan to Value above 80%
  • Maximum LTV of 95%
  • Credit score minimum 640, 680 if mortgage insurance is required.
  • Debt to Income not to exceed 45%

FHA mortgage programs offer lower down payment options and flexible credit requirements. For additional information on FHA financing please contact a trusted Mortgage Banker at Advana Mortgage.

  • Available in 30 or 15 Year Fixed or 5/1 ARM
  • Purchase only requires 3.5% down payment. 96.5% LTV
  • Monthly Mortgage Insurance & Upfront Mortgage Insurance Premium will apply.
  • Credit scores accepted as low as 620
  • Non – occupying Co-borrowers allowed. Gift Money allowed from family members.
  • 1-to 4-unit properties
  • Debt to Income not to exceed 45%

USDA or Rural Development is one of our most popular programs and offers many advantages for applicants looking to purchase a home outside the city of Sioux Falls. For more information, or to see if you qualify for USDA financing contact one of your trusted Mortgage Bankers at Advana Mortgage.

  • 30 Year term only
  • Minimum credit score of 620
  • Property must be in an eligible USDA area.
  • Income limits apply based on County and household income.
  • 100% LTV – No down payment required
  • Monthly mortgage insurance and USDA Up-front Funding Fee applies to all loans
  • Debt to Income not to exceed 45%

VA mortgage program is specifically for veterans of war, active duty service personnel, selected reserves, or discharged military personnel. For more information please contact your trusted Mortgage Banker at Advana Mortgage.

  • 30 and 15 Year terms
  • 100% LTV – No down payment required
  • VA Funding Fee required and can be financed into the loan amount.
  • No Monthly Mortgage Insurance
  • Minimum credit score of 620
  • Eligibility for loan must be established (Entitlement Code)
  • Can be used more than one time by applicant.
  • Debt to Income not to exceed 45%

FHA 203Ks and 203K offer buyers and existing homeowners a way to finance renovations or repairs needed on a property. For a list of the allowed renovations, please see your trusted Mortgage Banker at Advana Mortgage.

  • 30 and 15 Year terms
  • FHA Programs – follows all applicable guidelines
  • General Contractor approval required
  • Purchase or Refinance transactions
  • 203Ks (Streamline) is limited to $35,000 max in repairs.
  • 203K is unlimited in the amount of repairs.
  • Debt to Income not to exceed 45%

SDHDA or The First-time Homebuyer Program provides low interest fixed rate mortgage loans and cash assistance for homebuyers purchasing their first home. You may be eligible for the program if you are a first-time homebuyer, meaning you have not owned a home in the past three years.