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
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.
The requirements for the program include:
- Not having owned a home in the past three years
- A household income at or below established limits
- A home purchase price of less than $275,000
Downpayment Assistance Program
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.
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
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.
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!