The First-time Homebuyer Program provides low interest fixed rate mortgage loans and cash assistance for homebuyers purchasing their first home. To qualify for the program, applicants must not have owned a home in the past three years. 

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First-time Homebuyer Program

Financial Assistance for Homebuyers in South Dakota

The First-time Homebuyer Program provides low interest fixed rate mortgage loans and cash assistance for homebuyers purchasing their first home. If borrowers qualify for the South Dakota Housing Development Authority's (SDHDA) Fixed Rate Plus Loan, they can receive up to 3 percent as a gift to help with the upfront costs of their mortgage, such as the down payment and closing costs. The gift never has to be repaid, though the program does carry a slightly higher interest rate.

Applicants must be first-time homebuyers to qualify for the program, which includes those who have not owned a home in the past three years. Those who lived in dwelling units that were not permanently affixed to a permanent foundation (ie; a mobile home) are also eligible.

Income Limits
All applicants must also fall under the current South Dakota Housing income limits.

Brown County
2 person household or less: $69,200
3 person household or more: $79,580

Edmunds County
2 person household or less: $71,500
3 person household or more: $82,225

Hanson County
2 person household or less: $80,615
3 person household or more: $70,100 

Hughes County
2 person household or less: $83,300   
3 person household or more: $95,795

Hyde County
2 person household or less: $70,800
3 person household or more: $88,320

Lake County
2 person household or less: $72,700  
3 person household or more: $83,605
 
Lincoln County
2 person household or less: $76,800 
3 person household or more: $88,320

Marshall County
2 persons or less: $70,100   
3 persons or more: $80,615

McCook County
2 person household or less: $76,800
3 person household or more: $88,320

Minnehaha County
2 person household or less: $76,800
3 person household or more: $88,320

Sully County
2 person household or less: $76,100
3 person household or more: $87,515

Turner County
2 person household or less: $76,800
3 person household or more: $88,320

All Other Counties
2 person household or less: $69,000
3 person household or more: $79,350
             
Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.

The purchase price of the home must be less than $250,200 for first-time homebuyers, whether it’s an existing home or a new construction.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.

Down Payment Grants in South Dakota

The First-time Homebuyer Program provides low interest fixed rate mortgage loans and cash assistance for homebuyers purchasing their first home. To qualify for the program, applicants must not have owned a home in the past three years. 

The South Dakota Housing Development Authority offers the Fixed Rate Plus Option Program to help  cover some or all of the down payment and closing costs associated with a mortgage transaction. It  provides eligible applicants with assistance up to 3 percent of the loan amount. 

South Dakota’s Homes Are Possible Inc. (HAPI) acknowledges that potential homebuyers able to make the monthly payments on a new home may not have enough saved for a down payment. That’s why HAPI currently offers a $3,500 non-forgivable loan as Down Payment/Closing Cost Assistance for Brown County.

​Since 1998, the Sioux Falls Homebuyer Assistance Program has helped low- and moderate-income individuals by providing assistance with the down payment and closing costs associated with the buying a new home. Assistance comes in the form of zero-interest, deferred loans.

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