Real Estate Ray's Blog

South Dakota Housing has lowered the first time home owners interest rate AGAIN...take a look.

Step Rate - Starts at 3.5% and caps at 5.5%

Fixed Rate – 4.5%

Fixed Rate Plus – 5.0%

Step Rate - The interest rate starts at a predetermined affordable rate and increases one-half of one percent per year for the first four years and then becomes fixed at the beginning of the fifth year, where it stays for the remaining term of the loan.

Fixed Rate - The interest rate is fixed for 30 years.