User uShare Login | Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.

55° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options



Share your Photos, Videos, and Stories on uShare! Click here to get started.


[0] My Saved Articles
Back to all news


Find local businesses
on the KELO Pages!


New Mortgage Rules

July 16, 2014, 10:10 PM by Angela Kennecke

New Mortgage Rules

A few years ago nearly anyone could get a mortgage--and we all experienced the pain when the housing bubble burst. This year, new mortgage rules went into effect to protect homeowners who are struggling. Potential buyers are also required to get education before entering into a loan for some mortgages.

The housing market is picking up steam in Sioux Falls this summer with more people confident in the economy and low interest rates. New mortgage rules are in place to help borrowers avoid getting in over their heads. 

"(It gives them) Accessibility to education and accessibility to education and options they have as a part of the loan program that they're in," Breck Miller of the Center for Financial Resources said.

The Center for Financial Resources has doubled the number of its homebuyer classes and now also offers pre-purchase appointments. 

"We do an inquiry into a client's credit report--walk through it and educate them on what goes into that--what it says about them and the impact it has on their lending," Miller said.

24-year-old Ryan Goertzen is currently a renter, but hopes to have his own farm someday.  He took the Homebuyer Express class.

"I realized I had no real idea of what I was doing in looking at rates of mortgages, and how to get loans and all of these things.  And the class was free and I thought that was a great opportunity to check it out and see what I could learn," Goertzen said.

What he learned was that he just wasn't ready to take the plunge into home ownership yet.

“It was very valuable to me to have the information and the class, but it actually kind of dissuaded me; to slow down and look at things more practically and wait for a little while because I am pretty young," Goertzen said.

While only some loans, like FHA, require homebuyer education, pre-purchase financial counseling cuts down on first time homebuyers of being delinquent on their loans by nearly 30 percent.  People who get financial counseling also have an average lower monthly payment.

Previous Story

Next Story




View business

You may also like

Mitchell Superintendent Defends 'Second Job'

10/5/2015 10:02 PM

Our KELOLAND News investigation revealed some of the problems surrounding the multimillion dollar GEAR UP grant that caused the state to end its partn...

Full Story | Watch
Stacy Phelps Resigns From Board of Education

10/2/2015 3:14 PM

Phelps administered the GEAR UP program which prepared and encouraged Native American students to enroll into higher educaton.

Full Story
Coffee Shop, Pizza Chain Both Opening In East Sioux Falls

10/2/2015 2:03 PM

Marco's Pizza filed a building permit to set up shop in a new stripmall on South Sycamore Avenue.

Full Story
Missing Documents On Secretary Of State Website

10/6/2015 6:05 PM

Half a million documents that are supposed to be on the South Dakota's Secretary of State website are not online.  The current Secretary Shan...

Full Story | Watch
Pepsi Perfect To Be Released October 21

10/5/2015 3:08 PM

On October 21, the same day Marty McFly traveled through time, the soda company is releasing Pepsi Perfect.

Full Story