In a few months the first two homes will be complete in Centerville’s Millennium Housing Project. The homes qualify for several financing options, based on the qualifications of the potential home buyers. These homes are built according to USDA Rural Development’s strict standards to allow up to 102% financing for qualified buyers.

There are at least 5 different options for financing available to home buyers for these homes. They include; Rural Development guaranteed and direct loan programs, FHA, VA and conventional financing.

The rates and terms vary from program to program based on income levels of the applicant. Interest rates may be as low as 1% under Rural Development’s 502 direct loan program, up to market rates with conventional loans. Terms run up to 33 years depending on the program you qualify for. If the applicant is a first time home buyer special rates and terms are available through our partner South Dakota Housing.

Grants and zero percent down payment assistance are available through a Federal Home Loan Bank grant and American Dream Down Payment Initiative program.

We are excited about all the financing options available to Centerville home buyers through these programs. If you have any questions about the financing options, want to pre-qualify for one of the loan products or set up an appointment to view the homes, please contact Bill Hansen, cell phone 201-7593, email: bjhansen@hcinet.net or at City Hall 563-2302.