Once you’ve exited college and are ready to get your career started, one of your first steps might be to find a more permanent place to live. If buying a home post-graduation is on your radar, your financing might not be as difficult as you first thought.
As luck would have it, there’s a program through the South Dakota Housing Development Authority (SDHDA) made for recent graduates to get a little help in purchasing a home in South Dakota.
Here are some of the ways in which you can qualify for the Grants for Grads first-time homebuyer program.
What is ‘Grants for Grads?’
First things first—what is it? The Grants for Grads program was designed to assist recent postsecondary graduates in purchasing their first home in South Dakota by helping with downpayment and closing costs. Those who qualify can earn a grant being offered in the sum of five percent of the loan amount through participating lenders across the state.It’s only available for a limited time, though—so first come, first serve.
Participants will need to meet certain income guidelines in order to qualify for one of the grants. These guidelines can fluctuate year to year, so check for the most recent levels here.
Your ability to make use of the grant will also depend on the purchase price of the home in question. If you plan to participate, make sure you’re seeking out homes that are listed at $250,200 or less.
This one’s important—in order to receive the financing assistance, you’ll need to purchase a home in South Dakota that will serve as your primary residence. Also, to be considered a first-time homebuyer, you’ll need to have not owned a home in the past three years.
To be considered a recent graduate, you’ll have to have earned a degree in the past 60 months from an accredited postsecondary education facility recognized by the U.S. Department of Education—check here.
Ready to apply?
Since these grants are available for a limited time, it’s a good idea to get the process started sooner rather than later. If you’re a recent graduate in search of a South Dakota home, check out participating lenders in your area and ask them about the Grants for Grads program.