--- title: How to Become a First-Time Homeowner in the New Year description: Interested in buying a home for the first time? It might seem like a big undertaking, but here's what you need to know about becoming a first time homebuyer. image: https://info.sdhda.org/hubfs/V2_How_to_Become_a_First%5B1%5D.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) - [Lenders](https://www.sdhda.org/homeownership/lenders) - [Realtors](https://www.sdhda.org/homeownership/realtors) - [Renting](https://www.sdhda.org/for-renters) - [Rental Assistance](https://www.sdhda.org/for-renters/rental-assistance) - [Rental Housing Search](https://www.sdhda.org/for-renters/rental-housing-search) - [Do I Qualify](https://www.sdhda.org/for-renters/do-i-qualify) - [Affordable Rental Housing Frequently Asked Questions](https://www.sdhda.org/for-renters/affordable-rental-housing-frequently-asked-questions) - [Fair Housing and Your Rights](https://www.sdhda.org/for-renters/fair-housing-and-your-rights) - [Tips For Renters](https://www.sdhda.org/for-renters/tips-for-renters) - [Legal Services of SD](https://www.sdhda.org/for-renters/discrimination-complaints) - [Property Management](https://www.sdhda.org/property-management/education-and-training) - [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) - [Social Programs](https://www.sdhda.org/social-programs/) - [Disaster Relief Funding](https://www.sdhda.org/social-programs/disaster-relief-funding) - [Security Deposit Assistance](https://www.sdhda.org/social-programs/security-deposit-assistance-housing-development) - [Homeowner Rehabilitation Program](https://www.sdhda.org/social-programs/homeowner-rehabilitation-program) - [Emergency Solutions Grants Program](https://www.sdhda.org/social-programs/emergency-solutions-grants-program) - [Paint-South Dakota](https://www.sdhda.org/social-programs/paint-south-dakota) - [Continuum Of Care](https://www.sdhda.org/social-programs/continuum-of-care) - [Section 811 PRA Program](https://www.sdhda.org/social-programs/section-811-pra-program) - About - [Contact Us](https://www.sdhda.org/about/contact-us) - [Agendas & Minutes](https://www.sdhda.org/about/agendas-minutes) - [Annual Conference](https://www.sdhda.org/about/annual-conference) - [Events](https://www.sdhda.org/about/events) - [Investors](https://www.sdhda.org/investors/liquidity-reports) - [Liquidity Reports](https://www.sdhda.org/investors/liquidity-reports) - [Disclosure Reports](https://www.sdhda.org/investors/disclosure-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) - [Blog](https://blog.sdhda.org/) - [Contact](https://www.sdhda.org/about/contact-us) - Search [Home](https://sdhda.org/) [![homepage icon](https://info.sdhda.org/hubfs/SDHDA_July2019/Fonts/house-icon-white.png)](https://sdhda.org) - [Homeownership](https://www.sdhda.org/homeownership/home-ownership) - [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) - [Lenders](https://www.sdhda.org/homeownership/lenders) - [Realtors](https://www.sdhda.org/homeownership/realtors) - [Renting](https://www.sdhda.org/renting/for-renters) - [Rental Assistance](https://www.sdhda.org/for-renters/rental-assistance) - [Rental Housing Search](https://www.sdhda.org/for-renters/rental-housing-search) - [Do I Qualify](https://www.sdhda.org/for-renters/do-i-qualify) - [Affordable Rental Housing Frequently Asked Questions](https://www.sdhda.org/for-renters/affordable-rental-housing-frequently-asked-questions) - [Fair Housing and Your Rights](https://www.sdhda.org/for-renters/fair-housing-and-your-rights) - [Tips For Renters](https://www.sdhda.org/for-renters/tips-for-renters) - [Legal Services of SD](https://www.sdhda.org/for-renters/discrimination-complaints) - [Housing Development](https://www.sdhda.org/housing-development/housing-development) - [Housing Development Resources](https://www.sdhda.org/housing-development/housing-development-resources) - [HOME Program](https://www.sdhda.org/housing-development/home-program) - [Housing Tax Credits](https://www.sdhda.org/housing-development/housing-tax-credits) - [Housing Opportunity Fund](https://www.sdhda.org/housing-development/housing-opportunity-fund) - [Housing Trust Fund](https://www.sdhda.org/housing-development/housing-trust-fund) - [Housing Development Programs](https://www.sdhda.org/housing-development/housing-development-programs) - [Plans, Forms and Resources](https://www.sdhda.org/housing-development/plans-forms-and-resources) - [Application Submission](https://www.sdhda.org/housing-development/application-submission) - [Property Management](https://www.sdhda.org/property-management/education-and-training) - [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 # How to Become a First-Time Homeowner in the New Year ![V2_How_to_Become_a_First\[1\]](https://info.sdhda.org/hs-fs/hubfs/V2_How_to_Become_a_First%5B1%5D.jpg?width=750&name=V2_How_to_Become_a_First%5B1%5D.jpg) A blank page. A fresh start. Endless possibilities. These are all waiting for you at the start of a new year. And guess what? A new year calls for new experiences. 2022 is almost here, and what better way to start the year than with a list of goals? (Achievable goals, that is.) Luckily, owning your dream home is an achievable goal with the help of South Dakota Housing Development Authority.   **Have you been itching to get your own house? Here’s how you can become a first-time homeowner in the new year.**   ## First Things First: Savings Goals Buying your first house is a big deal, so you’ll want to start the process off strong. Figuring out your finances will make the homebuying process so much easier, and the start of the year is a great time to get your savings in order. Once you have your expenses and incomes mapped out, you can easily plan the rest of your homebuying journey.   After you figure out how much home you can afford, you should start saving for your downpayment. Your downpayment will be one of the most important details you’ll consider while saving for a house. Your lender and the type of mortgage sought will determine what kind of downpayment is required. Putting at least 20 percent down on a home will increase your chances of getting approved for a mortgage at a nice rate and will allow you to avoid mortgage insurance. The bigger the downpayment, the lower the monthly mortgage bill. However, you do not have to put 20 percent down, SDHDA has programs that can help with downpayment assistance.   ## These Programs Can Help Research is good, but you don’t need to scour the internet in order to find some help. We’ve got you covered. You can start with additional knowledge. SDHDA works with [agencies](https://www.sdhda.org/homeownership/tools/hero/homebuyer-education/hero-partners#entry:9803) to provide FREE, useful education to future homeowners so they can buy confidently. Next, you can get low-interest, fixed-rate mortgage loans and cash assistance with the [First-Time Homebuyer Program.](https://www.sdhda.org/homeownership/first-time-homebuyer) Everyone deserves to have affordable housing, and we’re able to help along the way. Contact one of our [participating lenders](https://www.sdhda.org/homeownership/first-time-homebuyer/first-time-homebuyer-participating-lender-list) to kick off the application process. If you’re still unsure about your downpayment, SDHDA can help with that, too. Ask your lender about our [Fixed Rate Plus Loan](https://www.sdhda.org/homeownership/downpayment-assistance). Downpayment assistance can really help new homeowners get that much closer to securing their dream homes.   ## Some Extra Steps After you’ve figured out these important details, it’s time to do a little more reflection. There are some important features to consider when buying a house. Some of the main considerations include: - The location of the house - The age of the house - The size of the lot - The number of bathrooms/bedrooms   Make a list of priorities, and follow that list. Your new house should appeal to your needs and wants. For a rough estimate of your regular repayment installments, check out our [calculator](https://www.sdhda.org/homeownership/tools/payment-calculator). This little tool can make homeowning a little easier. Homeowning can be a wonderful investment and experience. There are plenty of reasons to fall in love with South Dakota, and one of those reasons is its affordable communities. Get that home you’ve always been dreaming of for a happier, healthier and heartening year. - [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/)