Frequently Asked Questions
South Dakota Home Loans & First-Time Homebuyers
What credit score do I need to buy a home?
Most home loan programs allow credit scores as low as 620. Some programs may allow flexibility based on income, assets, or compensating factors. Fannie Mae has removed minimum credit score requirements at the agency level, though individual lenders may still apply overlays.
Do I need to be a first-time homebuyer to qualify for assistance?
No. Many programs define a first-time homebuyer as someone who has not owned a home in the past three years.
Mobile homes do not count as prior ownership when determining first-time homebuyer status under many programs.
Are there down payment assistance programs available?
Yes. There are down payment assistance programs available in many states, including programs offered through South Dakota Housing (SDH). These programs may help cover down payment and, in some cases, closing costs for eligible buyers.
How much money do I need for a down payment?
Down payment requirements vary by loan program:
Some programs require as little as 3% down VA loans may allow 0% down Down payment assistance can significantly reduce out-of-pocket costs
I’ll help you compare options and choose what fits your budget.
Is it better to rent or buy?
In many markets, monthly mortgage payments can be comparable to rent, especially when considering long-term equity and potential tax benefits. Buying a home allows you to invest in ownership rather than rent over time.
Can I buy a home with past credit issues?
Yes. Many buyers qualify even with:
Past late payments Medical collections Bankruptcy or foreclosure (after required waiting periods)
Each situation is reviewed individually, and I focus on solutions—not judgment.
How long does the mortgage process take?
Typical timelines:
Pre-qualification: Same day to 48 hours Full loan process: 30–45 days
Timing may vary based on documentation, property type, and loan program.
Do I need to be pre-qualified before house hunting?
Yes. A pre-qualification:
Gives you a clear price range Helps guide your home search Strengthens conversations with sellers and agents
Can I apply online?
Yes. You can apply securely online at any time.
👉 Apply here: MikeBellmore.com/apply
Do you only help buyers in South Dakota?
No. While I specialize in South Dakota home loans, I am licensed and able to help homebuyers across the United States. Whether you’re buying locally or out of state, I can guide you through the mortgage process and help you find the right loan option.
Can you help if I’m buying in another state?
Yes. I assist buyers nationwide with purchases, refinances, and relocations. Loan programs and requirements vary by state, but I’ll walk you through the process and explain your options clearly.
Why work with Mike Bellmore?
You’ll receive:
Local expertise with nationwide lending capability Clear, honest communication Education-first guidance Access to multiple loan options
No pressure—just straightforward advice.
Ready to Get Started?
If you’re thinking about buying a home or just want answers, reach out anytime.
👉 Contact me: mikebellmore.com/contact