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. 

FHA Mortgage Loan Rates

August 23, 2019
FHA Rates for August 23, 2019
Compare 30 Year Fixed Mortgages
Compare 30 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
Get started one
Get started two
Get started three
Get started four
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Choose a Loan Type

then
get
your

Your Credit Score

Do you know what's on
your credit report?
Get Credit Score Button
Get Credit Score Button
FHA.com is a privately owned website, is not a government agency, and does not make loans.

Fixed Rate Plus Option

Financial Assistance for Homebuyers in South Dakota

In an effort to help individuals achieve their dreams of homeownership, the South Dakota Housing Development Authority offers the Fixed Rate Plus Option. This program helps to cover some or all of the down payment and closing costs associated with a mortgage transaction.

Available Assistance
The Fixed Rate Plus Option provides eligible applicants with down payment and closing cost assistance up to 3 percent of the loan amount. The assistance funds come in the form of a gift at the loan closing. While it requires a slightly higher interest rate on the first mortgage, this amount does not need to be repaid.

Eligibility Requirements
In order to be considered eligible for the Fixed Rate Plus Option, all applicants need to meet certain requirements. They must fall within the program’s maximum income limits, which change annually and vary based on county. Applicants are responsible for completing a homebuyer education course, and for meeting financial requirements.

Property Guidelines
Any home being purchased must serve as the homebuyer’s primary residence, and fall within the program’s maximum purchase price: $250,200, for first-time homebuyers, and $305,800 for repeat homebuyers or those buying in a targeted area.

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
 
*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. spacer

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Down Payment Grants in South Dakota

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.

SEE YOUR CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


spacer

FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!