--- title: "Affording a Home: How to Get Financial Assistance" description: Whether you’re a first-time homebuyer or a second- or third-, financing can be a struggle. But you’re in luck, because the South Dakota Housing Developing Authority (SDHDA) offers financial assistance to individuals and families who qualify by meeting certain income and purchase-price standards. image: https://info.sdhda.org/hubfs/AffordingAHome-2.jpg --- [![South Dakota Housing](https://info.sdhda.org/hubfs/SDHDA_July2019/Images/hero-logo.png)](https://www.sdhda.org) - Programs - [Homeownership](https://www.sdhda.org/homeownership) - [First-Time Homebuyer](https://www.sdhda.org/homeownership/first-time-homebuyer) - [Repeat Homebuyer Program](https://www.sdhda.org//homeownership/repeat-homebuyer-program) - [Governor's House Program](https://www.sdhda.org//homeownership/governors-house-program) - [Home Improvement](https://www.sdhda.org/homeownership/home-improvement) - [Downpayment Assistance](https://www.sdhda.org/homeownership/downpayment-assistance) - [Tools](https://www.sdhda.org/homeownership/tools) - [My SDHDA Loan](https://www.sdhda.org/homeownership/my-sdhda-loan) - 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[Education and Training](https://www.sdhda.org/property-management/education-and-training) - [Fair Housing and Legal](https://www.sdhda.org/property-management/fair-housing-and-legal) - [Property Management Resources](https://www.sdhda.org/property-management/management-resources) - [Program Compliance](https://www.sdhda.org/property-management/program-compliance) - [Business Partners](https://www.sdhda.org/property-management/business-partners) - [Social Programs](https://www.sdhda.org/social-programs/paint-south-dakota) - [Paint-South Dakota](https://www.sdhda.org/social-programs/paint-south-dakota) - [Continuum Of Care](https://www.sdhda.org/social-programs/continuum-of-care) - [Emergency Solutions Grants Program](https://www.sdhda.org/social-programs/emergency-solutions-grants-program) - [Section 811 PRA Program](https://www.sdhda.org/social-programs/section-811-pra-program) - [About](https://www.sdhda.org/about/about-sdhda-south-dakota-housing-development-authority) - [About SDHDA](https://www.sdhda.org/about/about-sdhda-south-dakota-housing-development-authority) - [Disclosure Reports](https://www.sdhda.org/about/disclosure-reports) - [Investors](https://www.sdhda.org/investors/liquidity-reports) - [Liquidity Reports](https://www.sdhda.org/investors/liquidity-reports) - [Financial Reports](https://www.sdhda.org/investors/financial-reports) - [Annual Reports](https://www.sdhda.org/investors/annual-reports) - [Municipal Advisor Disclosure](https://www.sdhda.org/investors/municipal-advisor-disclosure) Your source for expert information on housing in South Dakota # Affording a Home: How to Get Financial Assistance ![AffordingAHome-2.jpg](https://info.sdhda.org/hs-fs/hubfs/AffordingAHome-2.jpg?width=718&name=AffordingAHome-2.jpg "AffordingAHome-2.jpg") Whether you’re a first-time homebuyer or a second- or third-, financing can be a struggle. But you’re in luck, because the South Dakota Housing Developing Authority (SDHDA) offers financial assistance to individuals and families who qualify by meeting certain income and purchase-price standards. **Check out the variety of assistance options at your fingertips.** ## [First-Time Homebuyer Program](http://www.sdhda.org/homeownership/first-time-homebuyer/first-time-homebuyer.html) If you need some help in purchasing your first home, SDHDA has a program tailor-made for first-timers. Low-interest, fixed-rate mortgages are available for eligible homebuyers that meet certain income and purchase-price standards. Participating Lenders work with SDHDA to provide these loans to residents with financial restrictions. [Click here to see if you’re eligible.](http://www.sdhda.org/misc/fthb-calculator.html) The requirements for the program include: - Not having owned a home in the past three years - A household income at or below [established limits](http://www.sdhda.org/homeownership/first-time-homebuyer/income-and-purchase-price-limits.html) - A home purchase price of less than $275,000 ## [Downpayment Assistance Program](http://www.sdhda.org/homeownership/downpayment-assistance.html) If the idea of putting up a large chunk of your savings for
 a downpayment is unnerving or if you don’t have quite enough to get the ball rolling, SDHDA offers downpayment assistance to eligible residents. Through the Fixed-Rate Plus interest rate option offered through SDHDA, a buyer can receive as much as 3% of the loan amount to help pay for your downpayment/closing costs. [Find a Participating Lender today.](http://www.sdhda.org/homeownership/first-time-homebuyer/lender-list.html) The program was made for people who: - Need to maintain savings funds for other purposes - Are short the amount they need to afford a downpayment - Are open to the idea of a slightly higher mortgage interest rate ## [Repeat Homebuyer Loan Program](http://www.sdhda.org/homeownership/repeat-homebuyer-loan-program.html) Assistance doesn’t just come for the first-timers. SDHDA offers the opportunity for assistance for repeat homebuyers as well. These loans feature a low, fixed rate, downpayment and closing-cost assistance when needed, reduced mortgage insurance and less paperwork. [Click for answers to frequently asked questions.](http://www.sdhda.org/homeownership/repeat-homebuyer-program/frequently-asked-questions.html) The requirements for the program include: - A minimum credit score of 620 - A household income of less than $93,360 for a family of two and $105,420 for a family of three - A home purchase price of at or less than $336,000   Don’t feel alone in your home-financing process – **there are major resources to you from SDHDA that will get you moving!** **[![E-Book Download A South Dakotan's Guide to Buying Your First Home Vol. 1](https://no-cache.hubspot.com/cta/default/1744228/a7d05d04-aad7-4d2c-88e2-aa1dc902a236.png)](https://cta-redirect.hubspot.com/cta/redirect/1744228/a7d05d04-aad7-4d2c-88e2-aa1dc902a236)** Topics: [Homeownership](https://info.sdhda.org/topic/homeownership) - [Tweet](https://twitter.com/share) ### Subscribe to Our Housing Newsletter ### Posts by Topic - [Homeownership (120)](https://info.sdhda.org/topic/homeownership) - [Latest News (74)](https://info.sdhda.org/topic/latest-news) - [Renting (45)](https://info.sdhda.org/topic/renting) - [Property Development (22)](https://info.sdhda.org/topic/property-development) - [News (18)](https://info.sdhda.org/topic/news) ### Recent Posts [![Free Home Buyers Guide Download](https://no-cache.hubspot.com/cta/default/1744228/3628c32d-c191-4069-a4f1-d2ecc1411498.png)](https://cta-redirect.hubspot.com/cta/redirect/1744228/3628c32d-c191-4069-a4f1-d2ecc1411498) - Main Menu - [About](https://www.sdhda.org/about/about-sdhda-south-dakota-housing-development-authority) - [Homeownership](https://www.sdhda.org/homeownership) - [Housing Development](https://www.sdhda.org/housing-development) - [Investors](https://www.sdhda.org/investors/) - [Lender List](https://www.sdhda.org/homeownership/first-time-homebuyer/first-time-homebuyer-participating-lender-list) - [Property Management](https://www.sdhda.org/property-management) - [Renting](https://www.sdhda.org/for-renters) - [Social Programs](https://www.sdhda.org/social-programs) - [Blog](http://blog.sdhda.org/) - Resource Links - [sdhousingsearch.com](http://sdhousingsearch.com/) - [Governor’s House](https://www.sdhda.org/homeownership/governors-house-program) - [SD HERO - Homebuyer Education](http://sdhomebuyered.org/) - [Housing for the Homeless](http://www.housingforthehomeless.org/) # Contact [P.O. Box 1237, 3060 East Elizabeth Street, Pierre, SD 57501](https://goo.gl/maps/qaN44UEeRXn) Phone: [605-773-3181](tel:6057733181) Fax: [605-773-5154](fax:+605.773.5154) [info@sdhda.org](mailto:info@sdhda.org) © 2018 All rights reserved. [![Image for Epicosity logo](https://info.sdhda.org/hubfs/SDHDA_July2019/Fonts/Icon-Epic-White.png)](https://epicosity.com/)